Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims

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.

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