The news: UK banks are demanding that Big Tech chips in on fraud victim reimbursement, per The Telegraph.
What are banks saying? Major UK banks including Lloyds, Barclays, TSB, and Santander are specifically calling out Facebook, Google, and other tech and telecom giants for their role in online fraud. The banks believe that the “polluter pays” principle should require these companies to pay into a communal account that reimburses online fraud victims.
Can fraud be stopped? According to Barclays, more than three-quarters of online scams occur on social media, auction sites, and dating sites. Executives at Barclays and at other banks say tech companies involved in the facilitation of the scams should be required to report data on the scams that they identify on their platforms. But the banks also say that the primary goal should be to prevent fraud from happening in the first place.
In the UK, Google and Facebook parent company Meta say they don’t run financial advertisements on their platforms unless they’re approved by the Financial Conduct Authority (FCA).
The bigger picture: For quite some time, banks have been sounding off on the need for companies in other sectors to pitch in on fraud reimbursement. But now they’re taking a more pointed approach and naming specific companies that should be required to chip in.
Click Here For Original Source.
Recently, SEC Chair Gary Gensler issued fresh warnings about cryptocurrencies amid Bitcoin's surge to a…
Pay Dirt is Slate’s money advice column. Have a question? Send it to Athena here. (It’s anonymous!) Dear…
By Virma Simonette & Kelly Ngin Manila and Singapore14 March 2024Image source, Presidential Anti-Organized Crime…
Technology has disrupted many aspects of traditional life. When you are sitting at dinner and…
Reports of suicides, missing bodies, sexual kompromat and emptied bank accounts as fake sangomas con…
A South African woman has been left with her head in her hands after she…