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British fintech company Revolut criticized Meta, the parent company of Facebook, for its approach to addressing fraud and suggested that Meta should directly compensate individuals who fall victim to scams on its social media platforms. Revolut stated that Meta’s recent partnership with U.K. banks NatWest and Metro Bank to prevent fraud was inadequate in addressing the global issue. Revolut’s head of financial crime, Woody Malouf, emphasized the need for significant progress in tackling financial fraud and urged platforms like Meta to take responsibility for compensating victims. New payment industry regulations in the U.K. will require banks and payment firms to provide a maximum compensation of £85,000 ($111,000) to victims of authorized push payment fraud starting October 7. Despite supporting the U.K. government’s anti-fraud measures, Revolut called on social media platforms like Meta to financially reimburse individuals affected by scams originating on their platforms. Revolut’s recent report revealed that a significant percentage of user-reported fraud on its platform stemmed from Meta, with Facebook being the most common source of scams reported by Revolut users.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
