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Bank Chiefs Urge Rishi Sunak: Meta & Social Media Firms Must Pay More in Online Fraud Battle

18 June 2023
2088
2 min.
15
Bank Chiefs Urge Rishi Sunak: Meta & Social Media Firms Must Pay More in Online Fraud Battle

UK Bank Bosses Demand Action

UK bank bosses demand immediate action against online fraud, urging tech firms like Meta to take responsibility. Costing consumers £1.2 billion annually, urgent measures are vital to safeguard the economy and protect users in the UK's fraud hotspot.

Concerns Raised by Financial Institutions

Major financial institutions, including Barclays, NatWest, and Nationwide, warn Prime Minister Rishi Sunak about the government's National Fraud Strategy. Scammers stole £2,300 daily in 2022, totaling £1.2 billion lost to fraud. Banks may slow payment speeds without government intervention.

Demand for Accountability and Collaboration

Banks call on technology companies, including Meta's popular social media platforms like Facebook, Instagram, and WhatsApp, to enhance their efforts in combating fraud on their platforms.

These companies are encouraged to play an active role in refunding victims affected by scams originating from their platforms. Financial institutions emphasize the importance of a publicly accessible register that highlights the shortcomings of major tech companies in preventing fraudulent activities, ensuring transparency and accountability.

Recent Developments and Support

TSB sought the expertise of Meta to enhance their social media moderation in response to rising concerns in the banking sector. The CEOs of major banks including NatWest, Nationwide, Lloyds Bank Group, HSBC, Barclays UK, Santander UKHandelsbanken, and Starling Bank united to address these shared concerns in a joint letter. UK Finance, led by Chairman Bob Wigley and CEO David Postings, supports the banks and highlights the challenges posed by the Financial Ombudsman Service.

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