26 July 2022

UK banks demand Big Tech reimburse victims of online fraud

Written By FinTech Alliance in Legal

UK banks demand Big Tech reimburse victims of online fraud

UK banks demand Big Tech reimburse victims of online fraud

Barclays, Lloyds, Santander, and TSB have demanded that Facebook and Google reimburse victims of online fraud

IN BRIEF:

Following the ‘polluter pays’ principle, UK banks have called out Facebook, Instagram, Google, and telecom organisations for not paying towards losses.

£465m was paid out by banks to victims of financial crime where funds were not recoverable in 2020 and 2021

Barclays data shows that 75% of scams take place on social media, auction sites or dating apps

What does it mean?

Barclays’ head of economic crime Sian McIntyre: “We would like to see a cross-sector pot funded by a polluter pays principle. Those companies that enable scams on their platforms or services should be putting money into that pot.”

Read more.

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