Meta has agreed to sign up to a new online fraud charter in the UK to stop an epidemic of scams that has resulted in an estimated 140,000 people losing money on its platforms every year.
The industry-wide voluntary agreement will commit tech companies to a new standard of verification and vetting of people using their platforms to sell goods and services.
Tom Tugendhat, the security minister, travelled to California last week to meet executives from Meta, Twitter/X and YouTube to progress talks on the new online fraud charter. He is expected to announce the agreement by the end of the year.
It will be similar to a commitment agreed by telecommunications providers two years ago that led to a significant reduction in phone