Revolut urges Meta to step up on cyber fraud reimbursement / Photo: JULIEN DE ROSA - AFP/File
-
Rail journey offers a slower route to a Berlin city break
-
Energy bill plan could use HMRC income data to target support
-
Arsenal control title race as Manchester United fall into bottom three
-
Business owner earning £6,000 a month tackles £70,000 debt
-
Suspected Krakow gunman dies after attack that killed six
-
Nvidia chief faces inquiry after disclosing affair with suspected Chinese agent
-
Carrick backs Dalot after hostile reception from Manchester United fans
-
Comet returns as online electrical marketplace 14 years after collapse
-
Fire in Northern China Apartment Building Kills 14
-
Solihull Hospital Performs First Robotic-Assisted Gynaecological Cancer Surgeries
-
Apple’s 20th Anniversary iPhone to Skip Action Button for Camera Control Integration
-
Nvidia CEO Jensen Huang Admits Infidelity Amid Spy Investigation
-
Family of Woman Who Died at Voting Station Condemns Official Silence
-
Ted Scheinman’s Journey Through Depression and Electroconvulsive Therapy
-
Karen Wazen Launches First Standalone Boutiques in Cairo
-
Phoenix Symphony Resumes Performances Amid Financial Uncertainty
-
New 401k Gold IRA Investment Guide Explains the Best Way to Invest in Gold for Retirement (2026 Update)
-
Making Your Home Safer for Aging Parents: Accessibility Renovations That Add Value
-
InterContinental Hotels Group PLC Announces Transaction in Own Shares - November 09
-
DataMEDS AI Announces Corexa Pharmacy's First Commercial Sale of Compounded Peptides Under FDA Enforcement Discretion Policy
-
Opti Digital Launches NEXA, an AI-Powered Intelligence Layer
-
Pace Launches Three-Business-Day Culture-Based 'L. pneumophila' Testing
-
Tintina Mines Intersects 460m at 0.50% CuEq at the Dos Amigos Copper-Gold Project in Chile
-
Hillcrest and Equipmake Sign Definitive Agreement to Jointly Develop and License ZVS Inverter Technology for Heavy-Duty Electric Vehicles
-
HyProMag USA Advances North Texas Rare Earth Magnet Facility With First Major Equipment Delivery
-
United States Antimony Corporation Announces Webcast Time set for Thursday, November 12, 2026 at 4:15 PM ET to Report on Third Quarter and Nine Months Ended September 30, 2026 Financial and Operating Results
-
Ispire Technology Inc. Reports First Quarter Fiscal Year 2027 Financial Results
-
Silver Storm Reports Concentrate Deliveries from La Parrilla
-
CoTec Holdings Corp. Notes HyProMag USA Advances North Texas Rare Earth Magnet Facility With First Major Equipment Delivery
-
Nextech3D.ai Closes $720,000 Management-Led Private Placement
-
Medicus Pharma to Highlight Rationale for CD228V Co-Development and License Agreement
-
Gabriel Provides Corporate Update
-
SMX Is Building a Verifiable Identity Layer for Fashion, From Cotton Fields to Luxury Resale
-
Gladstone Land Corporation Earnings Call and Webcast Information
-
The Metals Royalty Company to Host Corporate Update Webinar on November 16, 2026
-
Aptevo Presents Preclinical Data at SITC 2026 Showing Potential to Overcome Immune Suppression in Solid Tumors
-
Eylsia Nicolas Launches Global "Wake Me Up" Franchise After Surpassing 100 Million Meta Views in One Week
-
BioLargo Targets Growing Industrial PFAS Market with MasterClass at International Water Conference
-
Hancock Health Expands Robot Specimen Delivery to Parkway Building, Adding Scheduled and On-Demand Runs to the Lab
-
Jericho Energy Ventures to Participate in Cantor Convergence 4th Annual Crypto and AI Infrastructure Conference
-
IGC Pharma Reports Third Quarter 2026 Financial Results and Provides Business Update
-
Tectonic Metals Adds Mine Development and Alaska Native Partnership Leaders Ahead of 2027 Mineral Resource Estimate and Preliminary Economic Assessment
-
Ai4 Celebrates Successful Debut of Applied AI Research Conference (AAIRC), Bridging Academic Research and Industry Innovation
-
Releaf Unveils UK-first THCV for Weight Management
-
AsiaFIN's Insite MY Holdings and MENA Insite MY Sign Distributorship Agreement and Announce Second Bank Customer in Saudi Arabia
-
Top Chef Winner Nicole Gomes Opens Lucky Lily Asian Brasserie at YVR
-
First Drive: 2027 BMW i760 xDrive Review
-
Marc Almond to Close Soft Cell Era After Final 'Danceteria' Tour
-
Gary, Indiana Blackout Exposes FEMA Relief Disparities Along Racial Lines
-
Malta Chamber of Commerce and FIMBank Sign Alliance Agreement to Boost Corporate Finance
Revolut urges Meta to step up on cyber fraud reimbursement
British online bank Revolut on Thursday urged Facebook owner Meta to reimburse victims of password security breaches, blasting the US tech giant's data-sharing partnership with several UK banks as "woefully" inadequate.
"Revolut is calling for Meta to commit to the reimbursement of fraud victims, arguing its data sharing initiative with UK banks and financial institutions falls woefully short of what's required to tackle fraud globally," the UK fintech firm said in a statement.
Meta, the parent company of Facebook, Instagram and WhatsApp, unveiled in a press release on Wednesday a partnership with British banks NatWest and Metro Bank designed to help protect customers against cyber fraud -- including fake job, purchase or identity scams -- by sharing data.
But with a Revolut consumer security and financial crime report showing that Meta platforms are the source of 62 percent cyber fraud attacks reported to the UK firm, Revolut's head of financial crimes Woody Malouf said "these are baby steps when what the industry really needs is giant steps forward" to tackle such scams.
"These platforms share no responsibility in reimbursing victims and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply is not good enough," Malouf added in a statement.
"Revolut is deeply concerned that the initiative does not address what's required to tackle fraud.
"The emphasis is once again being placed on financial institutions to supply data on scams seen on Meta platforms, rather than Meta investing more to monitor their own sites" while "this initiative is only focused on the UK, when fraud is a global issue impacting consumers and businesses across many countries."
Revolut said that Meta "potentially" profits from fake and fraudulent adverts.
"Fraud is a multi-sector spanning issue that can only be addressed by working collaboratively," said a Meta spokesman in response.
The company said its data sharing programme was designed so it could work with banks "to protect people using our respective services".
It urged Revolut, which was founded in 2015 and has 45 million clients worldwide, to join its programme.
A.Moore--AT
