Meta, Google, Twitter and Microsoft have on Thursday to implement tougher measures against disinformation under an updated EU code of practice that could hit them with hefty fines if they fail to do so.
The code includes measures preventing ads from being shown next to fake news content. Companies will not push ads and make money on fake content. There are also requirements for more transparency on political ads such as adding labels, reducing manipulative techniques like automated bot accounts and giving users tools to recognize and flag up false information so it can be taken down.
Basically, under this code, the signatories agree to do more than tackle deep fakes, fake accounts and political advertising. Non-compliance can lead to fines of up to 6 per cent of the company’s global turnover.
Sanctions may also include banning companies from Europe.
Speaking during the news conference, the EU Industry chief Theory Breton said, If there is the consistent flouting of the rules, we can also think about stopping their access to our space of information”
This year. 33 online platforms including tech companies and advertising bodies have committed to the updated Code of Practice on Disinformation doubling the number of signatories from a year ago. Among the new entrants include Amazon’s Twitch and clubhouse.
During the conference, the Eu Commission Vice-President Vera Jourova also said “The new code is a testimony that Europe has learned its lessons and that we are not naive any longer,” this was first quoted on Moneyweb.
She added Russia’s invasion of Ukraine, the COVID-19 pandemic and Britain’s withdrawal from the European Union accelerated the EU’s crackdown on fake news.