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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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