Many people find themselves embroiled in a financial fraud having been targeted by on-line scammers through social media. Giambrone & Partners is a leading law firm in assisting clients who have fallen victim to unscrupulous fraudsters through a range of online scams. The lawyers in our banking and litigation fraud department are highly experienced in developing strategies to enable the recovery of funds lost to fraud.

The wrongdoers repeatedly operate across various social media platforms drawing in their victims with plausible schemes and scams and draining them of their life savings. Social media platforms can be slow to act to shut down the scams. However, new law coming in England & Wales may contribute in the fight to curtail the opportunity for scams to be perpetrated so easily on the platforms on the internet.

The Online Safety Bill - put link -is now passing through parliament, it incorporates provisions for compelling social media platforms to remove the following content from their platforms:

  • child sexual abuse
  • controlling or coercive behaviour
  • extreme sexual violence
  • fraud
  • hate crime
  • inciting violence
  • illegal immigration and people smuggling
  • promoting or facilitating suicide
  • promoting self harm
  • revenge porn
  • selling illegal drugs or weapons
  • sexual exploitation
  • terrorism

Whilst it is primarily aimed at protecting young and vulnerable people from a range of coercive or threatening behaviour it also make social media platforms have to consider how they design their sites to limit the potential for fraudulent criminal activity.

Ofcom is will be appointed to have regulatory oversight of the social media platforms and implement the new law. It will be able to monitor the platforms to ensure that they are providing the required duty of care to their users. There will be new responsibilities connected to any user-generated content shared on platforms, regardless of the medium through which the information is posted, including video-sharing, live streaming or comments. The platforms must scrupulously protect their users from fraud, such as, romance fraud, fake investment brokers and boiler room scams.

Joanna Bailey, who heads the banking and financial fraud litigation department, commented "the social media platforms will need to create processes to review their advertisers and clamp down on those hosting frauds by means of fraudulent advertising" Joanna also pointed out that "they will have to be certain that they are not hosting unlicensed financial promotions or fraudsters operating through cloned businesses that are impersonating legitimate businesses or they will risk heavy fines designed to act as a deterrent to other platforms. Social media platforms have previously shown reluctance to act swiftly to protect their users leaving them vulnerable to financial disaster. The draft provisions of the Online Safety Bill will oblige the social media platforms to introduce a new level of scrutiny and due diligence and monitor for scam adverts prior to promotional information being uploaded as well as ensuring that the firms offering financial promotions are authorised by the Financial Conduct Authority (FCA)"

Mark Steward, the outgoing Executive Director of Enforcement and Market Oversight, Financial Conduct Authority said:

"We welcome that the Online Safety Bill will now require the largest platforms to tackle fraudulent advertising. We have been clear about the need for legislation and appreciate the Government's positive engagement on this. We look forward to working closely with the Government and regulatory partners as they finalise and implement the details of the draft Bill."

The lawyers at Giambrone & Partners fully understand our clients' distress when finding that they have been defrauded and every effort is made to assist them to recover their funds. We are highly regarded for the ability to created strategies as a counter to new scams in order to recover our clients' money lost to financial fraud.

Joanna Bailey frequently leads the litigation against financial institutions involved in cryptocurrency trading disputes, as well as Forex investment issues and regulatory investigations and has some considerable success in retrieving our clients' funds

Joanna has developed a range of strategies both to find the assets of the individuals perpetrating the fraudulent schemes and restore the funds to our clients. As well as recognising culpability in the organisations facilitating (but not associated with the fraud), by failing to undertake adequate due diligence.

She is highly experienced in high-value out-of-court settlement negotiations and has in-depth knowledge of the Civil Procedure Rules as well as English common law.

The BBC have interviewed Joanna on the topic of financial fraud several times, for example she was interviewed by Mobeen Azhar for the BBC in its four-part series Money, Mayhem and Maseratis and will appear in Scam Interceptors in the spring.

Joanna was named Lawyer of the Week in The Times for her successes in retrieving our clients' funds lost to fraud.

If you have been a victim of an online social media fraud or targeted in a romance fraud and want to know how Giambrone & Partners can help you please email Joanna's clerk Sam Groom of please click here