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UK Identifies Meta As Responsible For 61% Of APP Fraud
By SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc. & portions Financial Times
UK Finance, A Banking & Finance Lobby Group In The UK, Is Raising Concerns About Meta
Meta Is The Company That Owns Social Media Sites Facebook, Facebook Marketplace, Instagram, And Whatsapp, Regarding Its Connection To Digital Payment Scams In Britain
According to UK Finance, 61% of reported authorized push payment (money transfer) fraud by volume is linked to Meta’s platforms.
The lobby group has written a letter to the Chancellor, urging the government to hold tech giants (Meta) accountable for the rise in financial crime.
Last year, authorized push payment (money transfers) fraud amounted to £485 million, with scammers employing various tactics, such as impersonating relatives or issuing false fines.
While banks have voluntary agreements to refund victims, UK Finance is calling for greater responsibility from the tech industry. The national fraud strategy, which seeks to align government, private sector, and law enforcement efforts, was recently diluted in favor of a voluntary “online fraud charter.”
Tech companies like Meta and Microsoft have implemented stricter advertising policies, requiring approval from the Financial Conduct Authority for financial services ads. These companies also employ measures like image scanning, IP address blocking, and machine learning to detect fraud. Complaints to regulators have decreased among the 10 banks participating in the fraud compensation scheme, while lenders not part of the scheme reported a 38% increase in complaints.
According to the Financial Times:
Meta singled out by UK financial lobby group over digital scams
UK Finance presses ministers to force tech companies into taking more responsibility for authorised push payment fraud
The UK’s banking and finance lobby group is claiming that the social media sites of Facebook owner Meta are carrying more than half of digital payment scams suffered in Britain.
UK Finance, which represents more than 300 financial companies, has written to Jeremy Hunt, the chancellor, with data on the sources of payments fraud in Britain broken down by value and volume, according to two people familiar with the situation.
The letter says 61 per cent of all reported authorised push payment fraud by volume is connected to Meta, the company that owns social media sites Facebook, Facebook Marketplace, Instagram and WhatsApp, the people said.
The move by UK Finance is a renewed push by the industry to convince ministers to force the tech giants to take more responsibility for the increase in financial crime. UK ministers announced a national fraud strategy in May but dropped a previous proposal to make tech companies provide compensation.
Authorised push payment fraud is a scam where fraudsters trick people into transferring sums from their bank account. This type of fraud escalated during the pandemic at a time when many people were relying on digital services.
Some £485mn was stolen through authorised push payment fraud last year, according to UK Finance. These scams include texts claiming to be a relative asking for money, and demands that the victim must settle a fine or pay overdue tax.
The letter comes amid mounting tension over which companies are responsible for compensating the victims of fraud.
Banks have a voluntary agreement to improve the amount refunded to victims of authorised push payment fraud, although the rates vary widely. But UK Finance has called for the tech industry to take more responsibility, noting that online sites are responsible for most of the payments fraud.
Julian David, chief executive of trade association TechUK, said it was “working closely with the government and UK Finance to tackle online fraud”.“Tech companies will continue to undertake further significant actions to cut fraud as set out in the recent UK fraud strategy and we are currently working at pace with the government and the financial services sector to address the issue of authorised push payment fraud,” he added.
The national fraud strategy aims to co-ordinate the approaches of the government, the private sector and law enforcement. But the plans were watered down in favour of a voluntary “online fraud charter”.
A number of tech companies, including Meta and Microsoft, have toughened their approach to advertising so that UK financial services companies seeking to advertise with them must be approved by the Financial Conduct Authority.
Tech companies are also already scanning images and blocking IP addresses of fraudsters, while using machine learning to detect fraudulent behaviour.
Recent figures show that the 10 banks that signed up to the fraud compensation scheme showed a decline in complaints to regulators last year. However, lenders that chose not to join the redress scheme reported a 38 per cent rise in complaints.
A Meta spokesperson said this was an industry-wide issue with scammers using increasingly sophisticated methods to defraud people in a range of ways — including email and SMS, as well as offline. “We don’t want anyone to fall victim to these criminals which is why our platforms have systems to block scams, financial services advertisers now have to be FCA-authorised and we run consumer awareness campaigns on how to spot fraudulent behaviour.”
Meta said people could also report this content in a few simple clicks and the company was working with the police to support their investigations.
Source: Financial Times (ft.com)
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TABLE OF CONTENTS
- UK Finance, A Banking & Finance Lobby Group In The UK, Is Raising Concerns About Meta
- Meta Is The Company That Owns Social Media Sites Facebook, Facebook Marketplace, Instagram, And Whatsapp, Regarding Its Connection To Digital Payment Scams In Britain
- According to the Financial Times:
- Important Information for New Scam Victims
- Statement About Victim Blaming
- SCARS INSTITUTE RESOURCES:
- Psychology Disclaimer:
- More ScamsNOW.com Articles
- A Question of Trust
- SCARS Institute™ ScamsNOW Magazine
Society of Citizens Against Relationship Scams Inc. [SCARS]
META
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These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
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The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
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A Question of Trust
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