Last week we published the Online Safety Bill. For the first time, tech companies will be held accountable by an independent regulator for keeping their users, especially children, safe from harmful content and behaviours online. If companies fail to keep their users safe, Ofcom will have the power to fine companies up to £18 million or 10% of their annual global turnover.

I thank my hon. Friend for raising this issue, which he is absolutely right to do, because we know that scams of this kind can ruin lives and, as he says, a growing number of people are encountering them online. The Government are approaching the issue in three ways. First, we are working closely with law enforcement, technology companies and banks to tackle online fraud at source. That work is led by the Home Office, which is currently developing an ambitious fraud action plan, on which we have been providing support. The Online Safety Bill that we published last week will tackle any kind of fraud that is facilitated through user-generated content. On top of that, we are consulting on tougher advertising regulation and will be doing that later this year.