Meta partners with UK bank to fight fraud

Today we announced we are expanding our first-of-its-kind information-sharing partnership with banks to protect people from fraud. FIRE (Fraud Intelligence Reciprocal Exchange) is a threat intelligence sharing program for financial institutions that allows banks to share intelligence directly with us to help stop fraudsters and protect users. NatWest and Metro Bank are the first banks in the UK to take part in this pilot, with more banks expected to join.

Nathaniel Gleicher, Global Head of Fraud Prevention at Meta, said: “This work has shown us that we have already taken action against thousands of accounts operated by fraudsters. It is a great opportunity for banks and platforms to work together to tackle this social problem. “It shows it’s important,” he said. We can only defeat these criminals if we work together and share information about scams. Financial institutions may share unique information with us, which allows us to train our systems to respond to more fraud globally.

The expansion of the pilot has been welcomed not only by the banking industry, but also by the City of London Police, the National Center for Economic Crime and others.

Key successes from the initial pilot included disrupting a significant concert ticket fraud network attempting to target people in the UK and US. During a six-month pilot run in collaboration with Stop Scams UK, data shared between NatWest, Metro Bank and Meta enabled us to remove around 20,000 accounts operated by scammers across 185 shared URLs. It helped strengthen the company's fraud detection capabilities.

Feedback since the initial pilot phase has been positive, and we will be onboarding more banks in the coming months as we continue to test and learn.

FIRE is being hailed as a key step in the fight against fraud.

David Lindberg, CEO of Retail Banking at NatWest, said:

Identifying and stopping fraudsters before they target customers is the best way to solve this growing problem. Our partnership with Meta is an important step in combating the fraud epidemic. We welcome opportunities to deepen collaboration and ensure a cross-industry approach to fraud prevention and enforcement.

Faisal Hussain, Chief Operating Officer, Metro Bank, said:

“Fraud is an industry-wide problem that requires industry-wide solutions. We were inspired by our work with Meta as an example of how we can all work together to protect consumers from anonymous online scammers. By sharing this information, we hope to significantly improve fraud detection and enforcement, ultimately creating a safer digital environment for everyone.

Adrian Searle, director of the National Economic Crime Centre, said:

The expansion of Metas' fraud reporting channel following a successful pilot is welcome news, demonstrating our commitment to tackling the scourge of online fraud by unifying data from across the banking and technology sectors. This follows the enactment of the Online Fraud Charter 2023. The Charter is a voluntary agreement by leading technology companies to recognize and reduce the risk of fraud and financial exploitation of UK citizens on their platforms. Partnerships between the public and private sectors are key to preventing this widespread threat. We look forward to working with Meta to build on the initial success of FIRE and share data across sectors to impact fraud threats at scale.”

Nik Adams, interim deputy commissioner of the City of London Police, said:

As a national leading force against fraud, we welcome the commitments made by Meta since the launch of the Online Fraud Charter last year and the current Metas Fraud Reporting Channel. It is vital that the technology industry helps fight online fraud. We hope that this expansion will rapidly improve Metas' ability to support the broader fight against fraud by countering harmful content and sharing information and insights that thwart criminals, engineer fraud, and protect victims. .

Mark Tierney, CEO of Stop Scams UK, said:

“It was great to see some of our member banks participating in the Metas FIRE initiative as another positive example of cross-sector collaboration. We believe FIRE can be a game-changer in reporting fraudulent content, protecting consumers, and enabling banks and Meta to have better visibility into the abuses fraudsters are carrying out on their systems. Stop Scams UK passionately believes that joint projects such as FIRE can lead to wider data sharing and improve reporting, which is key to successfully tackling fraud.”

To learn more about the latest scams and tips to avoid them, visit the Metas Anti-Scam hub.

Sources 1/ https://Google.com/ 2/ https://about.fb.com/news/2024/10/meta-partners-with-uk-banks-to-combat-scams/ The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos