PayPal: The payments firm is supportive of the Government’s anti-fraud proposal. Photographer: Gabby Jones/Bloomberg

Social media platforms need to be held “accountable” for their role in facilitating online adverts tied to financial scams, US payments giant PayPal privately told the Government earlier this year.

PayPal said the number of people falling victim to financial frauds and scams was an “increasing concern” for the payments processor, during a meeting with finance officials and junior

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