By Claire Lemaitre Published on 02/10/2024 at 10:55 a.m.
The social network is working on an information sharing agreement to fight against numerous scams.
Photo credit © Reuters
(Boursier.com) — Meta announced Wednesday the expansion of a program that allows banks to share information with the social media giant to help protect users against fraud. Facebook’s parent company was already working with two British banks, NatWest and Metro Bank, and will now expand the program and sign up more institutions.
Called Fraud Intelligence Reciprocal Exchange (Fire), the program allows financial institutions to share intelligence directly with the tech giant to help stop scammers.
Scams
Meta says it has already been able to dismantle 20,000 accounts involved in a concert ticket scam ring targeting people in the UK and US, using data shared by NatWest and Metro Bank.
“We can only defeat these criminals if we work together and share relevant information related to scams. Financial institutions can share unique information with us that we can then use to train our systems to take action against more scams. on a global scale,” Nathaniel Gleicher, global head of fraud prevention at Meta, said in a statement.
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