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....are the source of more than one million cases of fraud every year, shocking figures reveal....
At present, tech giants have no obligation to pay towards the cost of reimbursing victims who lose money after falling for scams originating on their platforms.
Official data sent to the Chancellor by UK Finance last month and seen by Money Mail shows that 61 per cent of all cases of APP fraud originate on platforms owned by Meta
Banking industry insiders have accused the social media giants of taking no responsibility for the consequences of fraud.
David Postings, chief executive of UK Finance, which represents more than 300 financial companies, singled Meta out in his letter to the Chancellor.
He said: ‘It is clear from the data that the biggest challenges sit with Meta. APP fraud causes psychological harm, financial loss, harm to our sector’s reputation, and damage to our economy.’
A Meta spokesman said: ‘With tens of millions of people in the UK using our apps daily, we recognise the important role we must play in tackling this industry-wide issue.
https://www.dailymail.co.uk/home/index.html
is more than the number of robberies, burglaries, killings and knife crime combined
At present, tech giants have no obligation to pay towards the cost of reimbursing victims who lose money after falling for scams originating on their platforms.
Official data sent to the Chancellor by UK Finance last month and seen by Money Mail shows that 61 per cent of all cases of APP fraud originate on platforms owned by Meta
Banking industry insiders have accused the social media giants of taking no responsibility for the consequences of fraud.
David Postings, chief executive of UK Finance, which represents more than 300 financial companies, singled Meta out in his letter to the Chancellor.
He said: ‘It is clear from the data that the biggest challenges sit with Meta. APP fraud causes psychological harm, financial loss, harm to our sector’s reputation, and damage to our economy.’
A Meta spokesman said: ‘With tens of millions of people in the UK using our apps daily, we recognise the important role we must play in tackling this industry-wide issue.
https://www.dailymail.co.uk/home/index.html