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

Published On Oct 7, 2024, 1:05 AM

The news highlights escalating tensions in the UK as banks now must compensate victims of online fraud up to £85,000, effective October 7. This regulation follows complaints from banks that they bear the financial burden from scams, particularly those orchestrated in partnership with social media platforms like Meta. Revolut criticized Meta for not doing enough to combat fraud. There are ongoing discussions about whether tech companies should share liability for fraud that occurs on their platforms, a measure banks are advocating for to alleviate their financial burdens from fraud incidents.