From CNBC: 2024-10-07 01:05:01

Meta is under fire in the U.K. as banks and payment firms demand compensation for scam victims. Starting Oct. 7, banks must reimburse up to £85,000 for authorized push payment fraud. The Payments Association opposed the original £415,000 proposal. Revolut accuses Meta of failing to combat fraud adequately and calls for tech platforms to share the cost of compensating victims.

The U.K. government may require tech companies to reimburse fraud victims. Banks are pushing for regulatory liability on tech firms to combat online fraud. Social media companies are criticized for not doing enough to combat fraud on their platforms. More collaboration between banks and tech companies is needed to tackle the evolving threat of fraud. Meta claims banks are trying to shift fraud liability and promotes cross-industry collaboration for fraud prevention.

Read more: Banks and tech companies at odds over online fraud liability in UK