PWC News
Tuesday, June 10, 2025
No Result
View All Result
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis
No Result
View All Result
PWC News
No Result
View All Result

Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims

Home Business
Share on FacebookShare on Twitter


Revolut CEO, Nikolay Storonsky (L) and Meta CEO, Mark Zuckerberg.

Reuters

British monetary know-how agency Revolut on Thursday criticized Fb mum or dad firm Meta over its method to tackling fraud, saying the U.S. tech big ought to straight compensate individuals who fall sufferer to scams through its social media platforms.

A day after Meta introduced a partnership with U.Okay. banks NatWest and Metro Financial institution on a data-sharing framework designed to assist forestall prospects from falling prey to fraud schemes, Revolut stated the pact “falls woefully in need of what’s required to sort out fraud globally.”

In a press release, Woody Malouf, Revolut’s head of monetary crime, stated that Meta’s plans to sort out monetary fraud on its platforms quantity to “child steps, when what the business actually wants is large leaps ahead.”

“These platforms share no duty in reimbursing victims, and they also haven’t any incentive to do something about it. A dedication to information sharing, albeit wanted, merely is not adequate,” Malouf added.

CNBC has contacted Meta for remark.

New fee business reforms will come into drive within the U.Okay. on Oct. 7 that require banks and fee corporations to problem victims of so-called approved push fee (APP) fraud a most compensation of £85,000 ($111,000).

Britain’s Funds System Regulator had beforehand beneficial a £415,000 most compensation quantity for fraud victims, however backed down following backlash from banks and fee corporations.

Revolut’s Malouf stated that, whereas his firm is on board with steps the U.Okay. authorities is taking to fight fraud, Meta and different social media platforms ought to do their half to financially compensate those that fall sufferer to fraud because of scams originating on their websites.

The fintech agency printed a report Thursday alleging that 62% of user-reported fraud on its on-line banking platform originated from Meta, down from 64% final 12 months.

Fb was the commonest supply of all scams reported by Revolut customers, accounting for 39% of fraud, whereas WhatsApp was the second-highest supply of such occasions with an 18% share, the financial institution stated in its “Client Safety and Monetary Crime Report.“



Source link

Tags: approachbankcompensateDigitalgiantMetaRevolutScamsslamsTechvictims
Previous Post

Swift to begin trials for digital asset transactions across global network in 2025

Next Post

How Manchester hopes to shape Rachel Reeves’ productivity push

Related Posts

A growing number of Fortune 500 companies are pursuing ‘blockchain initiatives’ as crypto goes mainstream
Business

A growing number of Fortune 500 companies are pursuing ‘blockchain initiatives’ as crypto goes mainstream

June 10, 2025
Zerodha’s Nithin Kamath hails SCRA rule clarification for stock brokers, “huge” for Rainmatter. Here’s why
Business

Zerodha’s Nithin Kamath hails SCRA rule clarification for stock brokers, “huge” for Rainmatter. Here’s why

June 10, 2025
Key Trends Shaping the B2B Furniture Resale Market
Business

Key Trends Shaping the B2B Furniture Resale Market

June 10, 2025
Capital City Bank Stock: An Interesting Prospect I Can’t Be Bullish About Yet (CCBG)
Business

Capital City Bank Stock: An Interesting Prospect I Can’t Be Bullish About Yet (CCBG)

June 10, 2025
Stocks to Track on June 10: MCX, HCLTech, Borana Weaves, Tata Investment, Bajaj twins, other scrips in focus
Business

Stocks to Track on June 10: MCX, HCLTech, Borana Weaves, Tata Investment, Bajaj twins, other scrips in focus

June 10, 2025
Trade Setup For June 10: Nifty 50 Eyes Rally Towards 25,700
Business

Trade Setup For June 10: Nifty 50 Eyes Rally Towards 25,700

June 9, 2025
Next Post
How Manchester hopes to shape Rachel Reeves’ productivity push

How Manchester hopes to shape Rachel Reeves' productivity push

ACORE Applauds DOE’s Transmission Investment and Analysis

ACORE Applauds DOE’s Transmission Investment and Analysis

High food prices here to stay

High food prices here to stay

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

How Long Does It Take to Disembark a Cruise Ship? – NerdWallet
Markets

How Long Does It Take to Disembark a Cruise Ship? – NerdWallet

by PWC
June 8, 2025
0

After a number of days of sipping cocktails, exploring port cities, eating at specialty eating places and searching on the...

US oil output set for first annual drop since pandemic

US oil output set for first annual drop since pandemic

June 10, 2025
The challenges facing Rémy Cointreau’s new CEO

The challenges facing Rémy Cointreau’s new CEO

June 5, 2025
Wizz Air shares plunge 26% as plane groundings hit profits

Wizz Air shares plunge 26% as plane groundings hit profits

June 5, 2025
XRP Price Sends Mixed Signals After 4 Green Daily Closes, Crash Or Rally?

XRP Price Sends Mixed Signals After 4 Green Daily Closes, Crash Or Rally?

June 6, 2025
AEON Integrates TRON Network to Enable Seamless In-Store Payments

AEON Integrates TRON Network to Enable Seamless In-Store Payments

June 5, 2025
PWC News

Copyright © 2024 PWC.

Your Trusted Source for ESG, Corporate, and Financial Insights

  • About Us
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis

Copyright © 2024 PWC.