Twitter right this moment says it’s increasing its insurance policies to ban monetary scams on its platform — one thing you’d assume would have already been banned, however apparently was by no means instantly addressed via Twitter’s coverage documentation. As an alternative, monetary scams till now have been dealt with via Twitter’s spam reporting software which was expanded final 12 months to particularly establish what actual kind of spam a tweet contained.

Among the many decisions have been choices to point if the tweet contained malicious hyperlinks, was from a pretend account, or was utilizing hashtags or the reply perform to submit spam, amongst different issues. It didn’t deal with the quite a few types of monetary spams that seem on Twitter, nonetheless.

The brand new coverage higher spells out what Twitter considers a monetary rip-off.

Particularly, it says that utilizing rip-off ways to acquire cash or non-public monetary data is prohibited underneath the brand new coverage, and customers could not create accounts, tweets or ship Direct Messages for this function.

It additionally details what sort of scams it’s looking out for, together with relationship/trust-building scams, money-flipping schemes, fraudulent reductions, and phishing scams. These are detailed in its assist documentation right here.

The brand new coverage arrives at a time when Twitter has been criticized for permitting crypto scams to proliferate on its service. Many of those contain impersonation, utilizing the reply perform to spam, and basic guarantees to make victims a lot of cash. Twitter additionally this 12 months allowed an apparent PayPal phishing try and run as a promoted tweet, which spoke to the necessity for stronger oversight on this space.

With regard to the brand new coverage, customers are nonetheless instructed to report the tweet, as earlier than. Meaning clicking the “report tweet” possibility from the menu, then choosing “It’s suspicious or spam,” adopted by the choice that greatest explains how the tweet is suspicious.

Twitter additionally clarified that it doesn’t intervene in different monetary disputes that fall outdoors this coverage, like claims associated to the sale of products on Twitter, disputed refunds, or complaints about poor high quality items.

Twitter says: As with different scams, monetary scammers will danger everlasting suspension in the event that they proceed to submit scams, phishing, and fraud.