From CNBC: 2024-10-03 08:46:30

Revolut CEO criticizes Meta over fraud handling, urging compensation for victims of scams on social media platforms. Revolut claims Meta’s alliance with U.K. banks falls short in fraud prevention efforts, emphasizing the need for greater industry progress. New U.K. payment industry reforms promise £85,000 in maximum compensation for fraud victims, a reduction from previous recommended £415,000. Revolut calls on Meta and other social media platforms to financially compensate fraud victims impacted by scams originating on their sites. Revolut reports 62% of user-reported fraud on its platform originates from Meta, with Facebook being the most common source at 39%, followed by WhatsApp at 18%.

Read more: Digital bank Revolut slams Meta over approach to scams