Do 'much, much more' on age verification, social media apps told

Published On Nov 27, 2024, 7:05 PM

Ofcom, the UK media regulator, has raised alarms about children lying about their age on social media platforms, with a survey showing that 22% of 8 to 17-year-olds claim to be over 18. The upcoming Online Safety Act, set to enforce stricter age verification by 2025, aims to address this issue. Ofcom warns that tech companies must significantly improve their age verification measures or face penalties that could reach 10% of their global revenues. Some companies like TikTok are exploring machine learning to enhance age verification, but many platforms have yet to comply.

Stock Forecasts

On the other hand, companies that face regulatory pressure or fail to comply with age verification standards could see operational risks and increased costs, potentially impacting stock prices negatively.

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