LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LondonWallet
No Result
View All Result

Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims

Garry Wills by Garry Wills
October 3, 2024
in Business Finance
Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


Revolut CEO, Nikolay Storonsky (L) and Meta CEO, Mark Zuckerberg.

Reuters

British financial technology firm Revolut on Thursday criticized Facebook parent company Meta over its approach to tackling fraud, saying the U.S. tech giant should directly compensate people who fall victim to scams via its social media platforms.

You might also like

Stocks making the biggest moves after hours: J.B. Hunt, United Airlines, Zion and more

CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation

Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people

A day after Meta announced a partnership with U.K. banks NatWest and Metro Bank on a data-sharing framework designed to help prevent customers from falling prey to fraud schemes, Revolut said the pact “falls woefully short of what’s required to tackle fraud globally.”

In a statement, Woody Malouf, Revolut’s head of financial crime, said that Meta’s plans to tackle financial fraud on its platforms amount to “baby steps, when what the industry really needs is giant leaps forward.”

“These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply isn’t good enough,” Malouf added.

CNBC has contacted Meta for comment.

New payment industry reforms will come into force in the U.K. on Oct. 7 that require banks and payment firms to issue victims of so-called authorized push payment (APP) fraud a maximum compensation of £85,000 ($111,000).

Britain’s Payments System Regulator had previously recommended a £415,000 maximum compensation amount for fraud victims, but backed down following backlash from banks and payment firms.

Revolut’s Malouf said that, while his company is on board with steps the U.K. government is taking to combat fraud, Meta and other social media platforms should do their part to financially compensate those who fall victim to fraud as a result of scams originating on their sites.

The fintech firm published a report Thursday alleging that 62% of user-reported fraud on its online banking platform originated from Meta, down from 64% last year.

Facebook was the most common source of all scams reported by Revolut users, accounting for 39% of fraud, while WhatsApp was the second-highest source of such events with an 18% share, the bank said in its “Consumer Security and Financial Crime Report.“



Source link

Share30Tweet19
Previous Post

U.S. crude oil rises for third day as traders fear Middle East escalation that disrupts supplies

Next Post

Buffer ETFs can shield investors from some losses. Here’s what to know before investing

Garry Wills

Garry Wills

Recommended For You

Stocks making the biggest moves after hours: J.B. Hunt, United Airlines, Zion and more
Business Finance

Stocks making the biggest moves after hours: J.B. Hunt, United Airlines, Zion and more

October 15, 2025
CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation
Business Finance

CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation

October 15, 2025
Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people
Business Finance

Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people

October 15, 2025
Fed’s Miran sees China trade tensions as a further reason for quick interest rate cuts
Business Finance

Fed’s Miran sees China trade tensions as a further reason for quick interest rate cuts

October 15, 2025
Next Post
Buffer ETFs can shield investors from some losses. Here’s what to know before investing

Buffer ETFs can shield investors from some losses. Here's what to know before investing

Related News

Walter Isaacson’s new Elon Musk biography is already taking off in China

Walter Isaacson’s new Elon Musk biography is already taking off in China

September 12, 2023
USDC stablecoin launches on XRP Ledger

USDC stablecoin launches on XRP Ledger

June 12, 2025
Five of the best medical cannabis clinics in London

Five of the best medical cannabis clinics in London

March 25, 2024

Browse by Category

  • Business Finance
  • Crypto
  • Industries
  • Investing
  • Markets
  • Opinion
  • Real Estate
  • UK

London Wallet

Read latest news about finance, business and investing

  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2025 London Wallet - All Rights Reserved!

No Result
View All Result
  • Checkout
  • Contact
  • Home
  • Login/Register
  • My account
  • Privacy Policy
  • Terms and Conditions

© 2025 London Wallet - All Rights Reserved!

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?