“Revolut” points out unpleasant data and criticizes “Meta”

British financial technology company”Warning” has criticized Facebook’s parent company Meta for its approach to combating fraud, stressing that the US technology giant should pay compensation to victims of fraud using social media platforms, writes CNBC.

A day after Meta announced a partnership with UK banks NatWest and Metro Bank on a data-sharing system designed to help tackle the rise in victims of fraud schemes, Revolut said it was not keeping up with trends global fraud and expressed doubts about its effectiveness.

Revolut’s head of financial crimes, Woody Malouf, said in a statement that 62% of fraud cases reported to Revolut occurred on Meta platforms in the first half of 2024. In Latvia: 57% of fraud cases reported to the company on “Meta” platforms.

“Our latest financial crime report shows that social media platforms not only continue to allow fraud to happen, but that the problem is as bad today as it has ever been last year. liability or payment of compensation for victims, so they have no incentive to do anything about it A commitment to sharing data is necessary, but it is not an effective enough solution,” said he told CNBC.

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