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Major British banks such as Barclays, TSB, Lloyds and Santander are demanding hundreds of millions of pounds from Facebook, Google and other tech companies. The money is aimed at reimbursing victims who have been scammed on social media.
Banking companies warned Tech companies aren’t doing their part to fight the tide of online fraud He writes that it will happen in the United Kingdom telegram.
Currently, English banks voluntarily practice a fraud and an eventual repayment that occurs when the customer’s money cannot be recovered. According to the signed contract, the technology companies are obliged to make their contribution, which according to the credit companies, is not the case. Less than half of the £583 million lost in 2021 (about €685 million at Saturday’s exchange rate) was returned to customers.
Speaking to the newspaper, Sian McIntyre, director of economic crime at Barclays, said: “Companies that allow fraud on their sites or services Put money in that pot. When a customer clicks on a criminal ad on social media, it is hosted by a technology company, and when the victim hands over their money, the bank must attempt to block the transaction.
According to data collected by Barclays, more than three-quarters of scams take place on social media, auction sites and dating apps.
Jane Austen is a writer and contributor covering culture, literature, lifestyle, and society. Her work focuses on thoughtful storytelling, social trends, and the issues shaping everyday life, delivering engaging and accessible content for readers across the United Kingdom.
