There has been debate brewing these past few months over who should be held responsible for reimbursing the victims of fraud.
For a while, the conversation was largely between the UK’s largest fintech – Revolut – and the world’s largest social media company – Meta.
Revolut has published some strong words on what they see as a moral failure from Meta, with equally strong statistics to match. According to the digital bank, Facebook alone was the original point of contact for 45% of UK scam cases in the first half of last year.
And Meta platforms at large supposedly were the source of 58% of scams throughout the entire year.
“Social media platforms not only continue to enable fraud, but…the issue is just as bad today as it was last year,” said Revolut’s head of financial crime Woody Malouf. “Their silence on this issue says it all.” …
