Meta expands data agreement with UK bank to reduce online fraud.

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Facebook owner Meta has launched a data-sharing partnership with the Bank of England to help the social media platform combat fraud, amid growing pressure from lenders and politicians to do more to tackle it.

Meta said Wednesday it has begun widely rolling out its Fraud Intelligence Reciprocal Exchange, a channel through which banks can share transaction information with Silicon Valley companies to catch fraudsters.

The move follows a pilot by NatWest and Metro Bank, which the technology group said helped banks close 20,000 accounts after they shared links to malicious websites where fraudulent transactions took place.

The expansion comes as the technology sector comes under greater scrutiny for its role in enabling authorized push payment (APP) scams, which trick victims into sending money from their bank accounts to scammers.

According to trade body UK Finance, last year Britons lost 460 million to APP scams, 70% of which involved goods that consumers ordered online but never arrived.

According to Lloyds Banking Group and TSB, most purchase fraud comes from false advertising on social media platforms, including Facebook Marketplace and Instagram.

Nathaniel Gleicher, Meta's global head of fraud response, said the company would like to work with more banks, but warned he could not quantify the impact the plan would have on fraud. I don't think any approach is a silver bullet in and of itself to eliminate fraud, he said.

Rocio Concha, director of policy and advocacy at consumer group Which?, welcomed the partnership but said much greater collaboration between major companies and governments was needed.

New obligations, identical to those introduced on banks and online platforms, would be imposed on telecom providers, online advertising providers and domain registrars to verify the legitimacy of their users, he said.

Banks and politicians have criticized the tech sector's efforts to prevent fraud. Ahead of the election, Labor said tech companies were doing little to tackle online fraud or compensate victims, according to party documents seen by the Financial Times.

Meta has signed the Online Fraud Charter, a voluntary agreement signed last year between tech companies and governments to reduce fraud.

Social media companies are also obliged to take down deceptive advertising under online safety laws, and media regulator Ofcom has been given the power to fine companies that flout them.

According to UK Finance, cases of APP fraud will rise 12% to around 230,000 in 2023, driven by a 36% increase in purchase fraud despite initiatives by the technology sector to combat fraud.

Under the new rules, which will come into effect on October 7, banks and payment companies will be responsible for compensating fraud victims for claims worth up to $85,000.

Financial circles argue that having tech companies share some of their costs with banks could give platforms greater incentive to tackle the root causes of problems.

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Gleicher said there were cases where bad actors actually abused these reward schemes to commit more fraud, and Meta already had incentives to fight fraud, including avoiding potential fines from Ofcom.

first [incentive] Our users don't like being the target of scams. If you want to create a community that engages people, you want them to be safe in that community, he said.

Commenting on Labour's draft plans to have tech companies contribute to banks' fraud compensation payments, Gleicher said: “Our biggest focus is to respond to these scams and do everything we can voluntarily through regulatory engagement to stop them in the first place.

Mark Tierney, CEO of Stop Scams UK, said the cross-industry coalition was delighted that some of its member banks were joining the Metas FIRE initiative, adding that it could make a game-changing difference to reporting fraudulent content.

Sources 1/ https://Google.com/ 2/ https://www.ft.com/content/ff5ed0ed-170d-4439-a789-d658936fd5f5 The mention sources can contact us to remove/changing this article

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