British digital bank Revolut criticizes Meta for not doing enough to combat platform fraud, stating that it should compensate the victims

British financial technology company Revolut criticized Meta Platforms, the parent company of Facebook, on Thursday for its approach to combating fraud on its social platform, stating that the US tech giant should directly compensate individuals who have fallen victim to scams on its social media platform. The day before, Meta announced partnerships with UK banks NatWest and Metro to establish a data sharing framework to help prevent customers from falling prey to fraudulent schemes. Revolut stated that Meta's agreements with the two banks "fall far short of what is needed to address the global fraud problem." Woody Malouf, Head of Financial Crime at Revolut, said in a statement that Meta's efforts to combat financial fraud on its platform are "baby steps when what the industry really needs is a giant leap forward." Malouf added, "These platforms bear no responsibility in compensating victims, so they have no incentive to take action. While commitments to data sharing are certainly necessary, they are not sufficient."