Twitter bans financial scams in new policy

Twitter is cracking down on financial scams.

On Monday, the social media site unveiled a policy that prohibits using "scam tactics" to get money or private financial information from others. Some of these tactics include creating fake accounts to pose as a public figure or organization, saying they'll send a larger amount of money in return for a smaller payment, offering fraudulent discounts, and impersonating banks or other financial information. 

The move illustrates how Twitter is stepping up its efforts against a persistent problem on its platform. Scammers have used the platform to masquerade as high-profile figures such as Tesla CEO Elon Musk to promote cryptocurrency scams in the past. 

The policy doesn't prohibit complaints about goods, disputed refunds and claims related to sales of products. 

Users can also report people who violate this policy by clicking on a gray downward arrow, selecting "report tweet" and selecting "it's spam or suspicious."

Depending on the severity of the scam, Twitter might lock a user's account, provide warnings about a URL, permanently bar an account or take other actions.

The policy, which was written internally in July, takes effect Monday.