Twitter has introduced a new 'financial scams policy' aimed at preventing frauds on the micro-blogging platform.
The new policy prohibits "use of scam tactics on Twitter to obtain money or private financial information", and bars people from creating accounts, post tweets, or send direct messages that "solicit engagement in such fraudulent schemes".
Twitter has warned that in case of violation, it can take a number of actions ranging from requiring deletion of one or more tweets, temporarily locking of account to permanent suspension from the platform.
"You may not use Twitter's services to deceive others into sending you money or personal financial information via scam tactics, phishing, or otherwise fraudulent or deceptive methods," as per the new policy.
Twitter also made it clear that it will not intervene in financial disputes between individuals on its platform.
To report such content, users can select 'report Tweet' from the drop down menu on the app and select "it's a financial scam" option. After choosing the option that best explains how the tweet is suspicious or spreading spam, users can submit their report.
"At Twitter, improving the collective health of the public conversation is our number one priority. We're announcing a policy expansion to prohibit financial scams on Twitter," a Twitter spokesperson said.
The spokesperson added that this will enable the company to take effective action against financial scams that deceive others into sending them money or personal financial information.
"The Policy is aligned to support the efforts of Government of India to combat online financial frauds," the spokesperson said.
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