FT Reports …
Push payment fraud escalated during the pandemic at a time when many people were relying on digital services like Meta’s Facebook © Dado Ruvic/Reuters
The UK’s banking and finance lobby group is claiming that the social media sites of Facebook owner Meta are carrying more than half of digital payment scams suffered in Britain.
UK Finance, which represents more than 300 financial companies, has written to Jeremy Hunt, the chancellor, with data on the sources of payments fraud in Britain broken down by value and volume, according to two people familiar with the situation.
The letter says 61 per cent of all reported authorised push payment fraud by volume is connected to Meta, the company that owns social media sites Facebook, Facebook Marketplace, Instagram and WhatsApp, the people said.
Tags #meta #payment-fraud
Bankwatch 
2 thoughts on “Meta singled out by UK financial lobby group over digital scams”
Comments are closed.