LONDON, (Reuters) – Britain must legislate against scam ads online in order to combat a rise of fraud attacks on consumers. This was the Financial Conduct Authority’s (FCA), Thursday statement.

According to the regulator, paid advertising that promotes scams must be part of the proposed Online Safety Bill. Currently it only applies to user-generated content.

According to the watchdog, fraud must be classified as illegal content of ‘priority’. This means that online platforms like Facebook (NASDAQ) and Google (NASDAQ) need to keep an eye on and prevent fraudulent activity.

This call is being made amid rising alarm among banks, legislators, and consumer groups regarding a fraud epidemic that has decimated the British economy. In six months, criminals have stolen a record 754,000,000 pounds ($1 Billion) via scams.

As part of the FCA’s “perimeter report”, which is an annual review of their remit, it made this recommendation.

Watchdog reiterated their call for the closing of loopholes that permit high-risk investments being promoted to consumers.

Nikhil Rathi Chief Executive, FCA stated: “We see real threats to consumers from both online advertisement and those using exemptions for products to be sold to ordinary customers.”

“Change is required and we will keep pushing for powers wherever we are needed.”