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.”
