The British financial technology company Revolut has criticized Meta for its approach to combating fraud, emphasizing that the US technology giant should pay compensation to victims of fraud using social media platforms.
A day after Meta announced a partnership with UK banks NatWest and Metro Bank on a data-sharing system designed to help tackle the rise in victims of fraud schemes, Revolut said it was out of line with global fraud trends and expressed doubts about its effectiveness.
Revolut’s head of financial crimes, Woody Malouf, said in a statement that in the first half of 2024, 62% of fraud cases reported to Revolut occurred on Meta platforms. In Latvia: 57% of fraud cases reported to the company occurred on “Meta” platforms.
“Our latest financial crime report shows that social media platforms not only continue to allow fraud to happen, but that the problem is as serious today as it was last year. Victims and financial institutions are still bearing the costs, but the platforms are not sharing responsibility or paying compensation for victims, so they have no incentive to do anything about it. A commitment to share data is necessary, but it’s not an effective enough solution,” he said.
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