Meta Faces Pressure to Enhance User Protection Against Online Scams, Says Revolut
Meta, the tech giant behind Facebook and WhatsApp, is under fire from financial technology company Revolut, which claims the social media platforms need to take stronger action to safeguard users against online scams. According to figures released by Revolut on October 3, these platforms are the leading sources of fraud reported to the company.
Revolut argues that Meta should actively monitor its platforms for potentially fraudulent content and share the financial responsibility for reimbursing scam victims in both the EU and the UK. “A commitment to data sharing, albeit needed, simply isn’t good enough,” stated Woody Malouf, Revolut’s Head of Financial Crime. He emphasized that social media platforms continue to facilitate fraud, noting, “The issue is just as bad today as it was last year.”
This criticism comes on the heels of an announcement from Meta’s UK branch about a new information-sharing initiative with banks, including NatWest and Metro. This program aims to combat fraudulent accounts, with Nathaniel Gleicher, Meta’s global head of counter-fraud, stating, “We will only beat these criminals if we work together and share relevant information related to scams.” Gleicher added that the collaboration would help train systems to identify and combat illegal activities.
Revolut’s data, which encompasses most of the EU, UK, Norway, and Switzerland, indicates that purchase scams—where ads for fake websites lure victims into making payments without delivering goods—remain the predominant source of reported fraud. Additionally, job scams, such as fake job postings that demand upfront payments for training or administration costs, have surged and now account for 18% of all scams reported.
In Brussels, Members of the European Parliament (MEPs) are advocating for social media companies to assume greater responsibility for fraudulent advertisements, particularly those where scammers impersonate family members, banks, or government agencies to solicit money. Amendments to the EU’s payment services regulations that would enhance this responsibility are currently under consideration by member states.
As the debate continues, the pressure on Meta mounts to take more decisive action against online fraud, highlighting a growing concern over user safety and the effectiveness of existing measures to combat scams on its platforms.
Latest
Greta Thunberg Arrested in Brussels During Climate Protest Against EU Fossil Fuel Subsidies
Latest
Study: Nearly Half of UK Toddlers’ Calories Come from Ultra-Processed Foods, Raising Long-Term Health Concerns
Latest
Lebanese Hospitals Halt Operations Amid Israeli Strikes, Dozens of Health Workers Killed
-
Travel7 months ago
Embracing Solo Travel to Unlock Opportunities for Adventure and Growth
-
Education7 months ago
Exlplore the Top Universities in the United States for Computer Science Education?
-
Politics7 months ago
Six Best Things Done by Donald Trump as President
-
Technology7 months ago
Revolutionizing Healthcare Training with Latest Technologies
-
Health7 months ago
Rise of Liposuction: A Minimally Invasive Solution for Body Contouring
-
Business7 months ago
Thriving Startup Hubs: Best Cities in the USA for Entrepreneurship
-
Travel7 months ago
Where to Move? America’s Top Ten Most Affordable Cities
-
Health7 months ago
Digestive Power of taking Mint Tea after Meals