Key Points
- A day after Meta announced a partnership with U.K. banks NatWest and Metro Bank on a data-sharing framework to help them prevent customers from falling prey to fraud schemes, Revolut said that the tech company was not doing enough.
- The fintech firm said that Meta and other social media platforms should do their part to financially compensate those who fall victim to fraud on their sites.
- Starting from Oct. 7, new payment industry reforms will come into force that require banks and payment firms to issue victims of so-called authorized push payment fraud a compensation of maximum £85,000.
