Facebook owner Meta forms data-sharing pact with UK banks to counter scams

Published On Oct 2, 2024, 4:00 AM

Meta, the parent company of Facebook, is initiating a data-sharing agreement with UK banks NatWest and Metro Bank to combat scams on its platforms. This program, called the Fraud Intelligence Reciprocal Exchange (FIPE), will allow the banks to share information about fraudulent activities with Meta, helping to identify and deactivate scamming accounts. The collaboration aims to enhance the effectiveness of efforts against scams, as Meta has faced criticisms for its handling of fraud occurring on its platforms, including during a previous boycott by digital bank Starling.