Arno Ahosniemi, CEO of Finance Finland, and Jouni Määttä have called for EU regulation of social media platforms to combat rising fraud, arguing that platforms must be held accountable for fraudulent content. In a column published on April 14, 2026, they question when social media giants will be made responsible for scams proliferating on their services, urging policymakers to impose obligations similar to those already placed on banks.
The call follows recent anti-fraud measures by Belgian banks on April 13, 2026, which included mandatory Itsme identity approvals and cooling-off periods for transactions. Those measures were part of a broader EU push to combat digital crime, aligning with Commissioner Maroš Šefčovič’s April 10, 2026, response on tackling transnational left-wing extremism through digital platform controls under the Terrorist Content Online Regulation and the Digital Services Act (DSA).
Finance Finland’s demand echoes earlier EU initiatives. On April 13, 2026, Executive Vice-President Fitto clarified that the DSA requires platforms to have procedures to detect illegal content, though enforcement remains challenging. In December 2025, Commissioner Michael McGrath proposed the European Democracy Shield to protect journalists and political candidates from online abuse, reinforcing the trend toward tighter oversight of digital spaces.
The column highlights a cleavage between consumer protection and platform autonomy. Positive impacts include enhanced consumer safety and reduced fraud losses for EU citizens. Negative impacts include increased compliance costs for social media platforms and potential restrictions on free expression. Key stakeholders affected are EU consumers, social media companies, national authorities, and financial institutions.
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