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

Published On Oct 3, 2024, 8:23 AM

Digital bank Revolut has criticized Meta (the parent company of Facebook) for its inadequate actions in addressing online scams that occur through its platforms. Following Meta's announcement of a partnership with UK banks aimed at preventing fraud, Revolut's executives argued that more substantial action is needed, including financial compensation for scam victims. New regulations set to take effect in the UK will require banks to compensate victims of certain frauds, but Revolut believes social media platforms like Meta should also bear responsibility for the scams stemming from their services. A recent report indicated that a majority of fraud reported on Revolut originated from Meta's platforms, especially Facebook and WhatsApp.