Sources: banking lobby group UK Finance claims 61% of all reported authorized push payment fraud by volume go through Meta platforms; ~£485M was stolen in 2022
UK Finance presses ministers to force tech companies into taking more responsibility for authorised push payment fraud
Financial Times
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Discussion
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@pickardje
Jim Pickard
on x
The UK's banking and finance lobby group has written to Jeremy Hunt claiming that the social media sites of Facebook owner Meta are carrying more than half of digital payment scams suffered in Britain with @EmDunks https://www.ft.com/...
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@marietjeschaake
Marietje Schaake
on x
That is quite the allegation, and truly shocking if true: half the digital scams in Britain go through Meta platforms ↘️ https://twitter.com/...
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@moonalice
Roger McNamee
on x
With 3 billion users, no guard rails and no police, internet platforms (esp. FB and Insta) changed that game for scammers. Platforms enjoy massive profits with no accountability. Are scams (broadly define) 5% of revenue? 25%? 50%? We have no idea. (h/t: @MarietjeSchaake) 1/2 http…
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@jason_kint
Jason Kint
on x
Incredible statistic that may make Meta the largest crime scene in the world. https://twitter.com/... [image]
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@jason_kint
Jason Kint
on x
61% when I got to the details. One can even say, “the majority.” Thanks for sharing. https://twitter.com/... [image]
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@atharproject
@atharproject
on x
On the issue of black markets for blood antiquities, endangered species and more, @ATHARProject and @CounteringCrime have known Meta is one of the world's largest crime scenes for years — and they know king profit in the process. It's so much bigger than financial crimes. https:/…
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@pauljmonaghan
Paul Monaghan
on x
This could turn into some bun fight. Big Banks v Big Tech. By way of background: - “Fraud” is now the No1 crime in the UK - Accounting for 40% of all crime - But just 1 in 1,000 cases leads to charges! https://twitter.com/...
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@grantfeller
Grant Feller
on x
Extraordinary story. But maybe approaching Facebook on behalf of victims might also help, based on the government's lamentable track record with social media companies https://twitter.com/...