Tensions rise between banks and tech companies over online fraud liability in the UK

Key Points

Starting from Oct. 7, banks will be required to start compensating victims of online fraud a maximum £85,000 in the U.K.
On Thursday, London-based digital bank Revolut accused Meta of falling “woefully short of what’s required to tackle fraud globally” when it comes to tackling fraud.
Tensions have been running high between banks and tech companies for years as financial firms see themselves as bearing the brunt of the cost for scam attacks taking place virtually.

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