The European Securities and Markets Authority (ESMA) has written to several social media and platform companies, including X, Meta, TikTok, Alphabet, Telegram, Snap, Amazon, Apple, Google, and Reddit, to encourage them to take proactive steps to prevent the promotion of unauthorized financial services. The increasing spread of online scams targeting retail investors poses a serious risk to investors and society, with fraudulent actors exploiting digital platforms to advertise unlawful financial services. These activities often mislead consumers into engaging with firms that lack proper authorization, resulting in financial losses and loss of trust in the financial sector. ESMA's approach complements an initiative launched by the International Organization of Securities Commissions, highlighting the global nature of online harm linked to financial misconduct. The letters sent to the companies emphasize the need for proactive measures to prevent online harm from unauthorized financial advertisements. The companies are encouraged to take steps to prevent the promotion of unauthorized financial services on their platforms. The spread of online scams targeting retail investors is a serious risk to investors and society. The financial losses and loss of trust in the financial sector are the consequences of these activities. ESMA's initiative aims to prevent online harm from unauthorized financial advertisements.