Revolut has urged Meta to share the financial responsibility of reimbursing fraud victims, criticizing the social media giant’s latest anti-fraud efforts as insufficient. The fintech company’s call comes after Meta, the parent company of Facebook, invited banks on Wednesday to join a data-sharing partnership aimed at fraud prevention.
However, Revolut expressed dissatisfaction with the initiative, stating that it “simply isn’t good enough.” The company revealed that 62% of fraud cases reported to Revolut originate from Meta’s platforms.
Woody Malouf, Revolut’s head of financial crime, emphasized the need for social media companies like Meta to take more responsibility. “What is urgently needed now is for Meta and other social media companies to commit to supporting victims of fraud in the same way financial institutions do,” he said.
Meta has yet to provide a response.
