British fintech Revolut criticized Meta over its approach to tackling fraud and said the U.S. tech giant should directly compensate fraud victims.
A day after Meta announced a partnership with U.K. banks NatWest and Metro Bank on a data-sharing framework to help them prevent customers from falling prey to fraud schemes, Revolut said the pact "falls woefully short of what’s required to tackle fraud globally."
Starting from Oct. 7, new payment industry reforms will come into force that require banks and payment firms to issue victims of so-called authorized push payment fraud a compensation of maximum £85,000.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.
"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.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 fraud a maximum compensation of £85,000 .
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