Three Italian MEPs from the European Conservatives and Reformists (ECR) group have asked the European Commission to assess whether current EU consumer protection and e-commerce rules are adequate to combat cross-border fraudulent online financial advertising and identity theft. In a written parliamentary question submitted on 6 May 2026, Paolo Inselvini, Alessandro Ciriani and Nicola Procaccini warn that cybercrime costs the EU over EUR 5.5 billion annually, with investment scams causing average losses of EUR 20,000 to EUR 50,000 per victim and growing at double-digit rates in several member states.
The question cites Europol's Internet Organised Crime Threat Assessment (IOCTA) and reports from the European Securities and Markets Authority (ESMA) and national supervisors, noting a surge in fraudulent schemes disseminated via online commercial communications that misappropriate third-party identities and mimic editorial content. The MEPs highlight the cross-border nature of these practices, the difficulty of identifying advertisers, the lack of traceability of financial flows, and delays in removing harmful content.
Specific asks to the Commission
The MEPs ask the Commission three specific questions. First, how effective it considers the current EU framework—in particular the Unfair Commercial Practices Directive (2005/29/EC) and the Consumer Rights Directive (2011/83/EU)—to be in combating such practices across borders. Second, what operational and coordination tools the Commission intends to strengthen to improve advertiser identification and cooperation between competent authorities and financial supervisors. Third, whether the Commission sees a need to propose further binding measures to ensure faster cessation and prevention of fraudulent online commercial communications.
Policy direction and expected follow-up
The question signals a push for stronger EU-level enforcement and possibly new legislation to close gaps in the current framework, which the MEPs imply is insufficient to tackle algorithmically targeted, cross-border fraud. The Commission is expected to reply within approximately six weeks; its answer will indicate whether it plans to propose new rules or rely on existing instruments and enhanced coordination. The outcome could affect online platforms, financial advertisers, consumer protection authorities, and victims of investment scams across the EU.
← Atlas › News › Digital & Communication