The Aviva Fraud Report reveals that 53% of internet users do not trust adverts on search engines.

That includes adverts placed by legitimate financial services firms and providers.

In addition, 56% do not believe that search engines check the authenticity of the financial product, service or provider advertising on their platforms.

As a result, Aviva is calling for greater consumer protection from online financial fraud.

It is also urging government to include financial scams promoted by paid-for adverts in the Online Safety Bill.

Aviva director of fraud prevention Rob Lee said: “There is a clear mistrust of financial services adverts online.

“However, there is no legal responsibility for technology firms to verify the legitimacy of the companies which pay them to publish adverts on their platforms.

“This potentially leaves millions of internet users exposed to unscrupulous adverts.”

The report also highlighted difference in trust by age.

Only 29% of those over 55 would trust the results of a search engine.

In comparison, 55% of those aged 16-24 indicated they would trust results of a search engine.

Consumers are expecting more from the government to protect them from financial harm online.

One in ten people surveyed think the government should legislate to prevent search engines and social media platforms to promote financial scams or to mislead consumers.

In fact, 85% of the people surveyed think search engines should be held responsible for the content they advertise on their platforms.

Lee added: “We believe the Online Safety Bill presents an opportunity to protect financial services consumers at every stage of their online journey.

“We welcome the recent inclusion of user-generated fraud – such as that promoted on social media sites – within the scope of the regulatory framework.

“We support the financial services industry in calling for the legislation to include financial scams promoted by paid-for adverts.”

The report also showed that lockdown has changed spending habits in the UK and accelerated the adoption of the Internet.

Half of people surveyed said they used internet more to search for products and services over the last year.

Therefore, consumers have become more vulnerable to scams.

Lee said: “The challenges posed by lockdown conditions has shifted the mindset of millions, opening the door to more people buying financial services and products online.

“While this brings opportunities for making it easier to buy products, it does also open the door to fraudsters looking to prey on the vulnerable.”

Aviva’s research found that 42% of the people surveyed have been targeted by a Covid scam.

This is a 91% increase compared to the previous year.

Lee added: “The current online environment combined with challenging economic conditions and increased financial strain on consumers is creating the perfect storm for fraudsters to exploit the most vulnerable.

“Government must act quickly to protect more consumers from becoming the victim of online fraud, by ensuring financial scams are included in the Online Safety Bill.”

The work and pensions select committee slated the government for “failing to act” against paid-for online adverts and being “at odds” with the regulator.

In March it called on the government to “act quickly and decisively” to protect pension savers in a report.

The government published its response to the report on pension scams on 6 July.