EU tech chief Henna Virkkunen announced the request on X, stating that the EU is asking how the companies identify and manage risks related to financial scams.

European Union tech regulators have formally requested information from Apple, Google, and Microsoft regarding their efforts to prevent financial scams. The request highlights the EU’s concern about the cost and widespread nature of online fraud. Booking.com was also included in the inquiry.

The request was made under the Digital Services Act (DSA), a landmark piece of legislation that increases regulatory scrutiny on major technology companies. The DSA requires these companies to take more responsibility for illegal and harmful content that appears on their platforms.

EU tech chief Henna Virkkunen announced the request on X, stating that the EU is asking how the companies "identify and manage risks related to financial scams." Virkkunen emphasized that "online fraud can start very easily nowadays, and too often results in financial losses for consumers."

The financial impact of such scams is significant, costing Europeans an estimated "more than 4 billion euros ($4.7 billion) annually." The types of online fraud are wide-ranging, from fake hotel listings and fraudulent banking apps to deepfakes of public figures promoting false investments.

Regulators globally are concerned that the rapid rise of artificial intelligence could make consumers even more vulnerable to scams. The new technology can be used to create more sophisticated and convincing phishing and fraudulent investment schemes.

CBI News reports that the request to tech giants like Apple, Google, and Microsoft signals the EU's determination to enforce the DSA and hold these companies accountable for the content and activities on their platforms.