On Thursday, the British financial technology business Revolut chastised Facebook parent company Meta for its fraud fighting strategy, stating that the American digital behemoth ought to pay out compensation to those who are conned using its social media channels.
Revolut claimed that Meta’s data-sharing framework with UK banks NatWest and Metro Bank “falls woefully short of what’s required to tackle fraud globally,” following the announcement of the alliance the day before. The goal of the framework is to help users avoid falling victim to fraudulent schemes.
The chief financial crime officer of Revolut, Woody Malouf, claimed in a statement that Meta’s efforts to combat financial fraud on its platforms are merely “baby steps, when what the industry really needs is giant leaps forward.”
Source (CNBC)
