Revolut Challenges Meta to Compensate Fraud Victims

The fintech firm criticizes Meta's data-sharing initiative with UK banks as inadequate for addressing fraud on its platforms.

Revolut reports that 69% of scams affecting its UK customers in early 2024 originated from Meta platforms like Facebook and Instagram.
The fintech company argues that Meta's responsibility should extend to reimbursing victims of fraud facilitated on its sites.
Meta's Fraud Intelligence Reciprocal Exchange program with UK banks removed 20,000 scam accounts but is deemed insufficient by Revolut.
New UK regulations require banks to compensate victims of authorized push payment fraud, but Revolut insists tech firms should share this burden.
Meta maintains that fraud is a multi-sector issue needing collaborative solutions, urging more banks to join its data-sharing efforts.