Meta Expands Anti-Fraud Partnership with UK Banks

Meta's FIRE initiative aims to combat online scams by sharing fraud intelligence with British banks.

The Fraud Intelligence Reciprocal Exchange (FIRE) enables UK banks to share fraud data directly with Meta to tackle scams on its platforms.
NatWest and Metro Bank participated in the pilot, leading to the removal of 20,000 scam accounts, including a major concert ticket scam network.
The initiative is part of a broader effort following the Online Fraud Charter, encouraging collaboration between tech companies and financial institutions.
Meta plans to onboard more UK banks to enhance its ability to detect and prevent fraudulent activities globally.
The collaboration underscores the need for cross-sector partnerships to effectively address the growing issue of online fraud.