- Spurs creep past Ferencvaros in the Europa League
- Unbeaten NFL Vikings face Jets in London as Chiefs meet Saints
- FIFA defers decision on call to suspend Israel
- US seizes internet domains allegedly used by Russian hackers
- Bangladesh, Pakistan win Women's T20 World Cup openers
- French jihadist linked to Charlie Hebdo attackers jailed for life
- Top Africa football boss facing Swiss probe over payments
- Pakistan down Sri Lanka at Women's T20 World Cup
- Bangladesh 'emotional' after first win in 10 years at Women's T20 World Cup
- Twice displaced: Syrian refugees flee home from Lebanon
- Mexico's new president unveils steps to boost women's rights
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- Revolut urges Meta to step up on cyber fraud reimbursement
- 'Devastating' storm hits Augusta National but Masters will go on
- Sri Lanka's new president seek changes to IMF deal
- Missile barrage against Israel exposes Iran's limitations: analysts
- Harris rallying with anti-Trump Republican in swing state battle
- Lucian Freud nude goes on sale for the first time
- Relief in Brazil, Asia over delay to EU deforestation rules
- Georgia signs into law bill seen by EU as anti-LGBTQ
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Mexican president vows justice after army kills six migrants
- Ex-All Black Kerr-Barlow wants to stay in Top 14 after La Rochelle exit
- Solanke handed England recall as Bellingham returns
- Israel says strikes Hezbollah intel HQ in Beirut
- Party over: displaced families shelter in Beirut nightclub
- Oil prices rise, stocks fall on Middle East tensions
- Solanke handed England recall as Palmer returns
- Serge Gainsbourg Paris home in receivership one year after opening
- UK hands Indian Ocean islands to Mauritius but keeps key US military base
- New NATO chief Rutte says wants Ukraine to 'prevail' in Kyiv trip
- Mbappe left out of France squad for Nations League games
- Gauff survives scare to reach China Open semi-finals
- Sosie draw gives Fabre Arc boost while Japan's Shin Emperor hopes take hit
- Japan's 'master of horror' Kurosawa highlights 'B-movie' appeal
- History-maker Zhang to plough on after fairytale Beijing run
- Israel, Hezbollah in deadly battles on Lebanon border
- Oil rallies, stocks mostly retreat on Middle East tensions
- Israel says killed 15 Hezbollah militants in Lebanon strike
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Kill him first': Israel eyes top level targets
- Championship leader Martin warns of 'unpredictable' Japan MotoGP
- France must fully probe Azerbaijani dissident's killing: Amnesty
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
RYCEF | 1.15% | 6.98 | $ | |
RBGPF | -1.35% | 59.99 | $ | |
CMSC | -0.06% | 24.765 | $ | |
BCC | -1.59% | 137.348 | $ | |
SCS | -1.7% | 12.655 | $ | |
RIO | -1.57% | 69.725 | $ | |
CMSD | -0% | 24.929 | $ | |
NGG | -2.53% | 67.08 | $ | |
GSK | -3.07% | 38.274 | $ | |
BTI | -2.67% | 35.035 | $ | |
VOD | -0.52% | 9.69 | $ | |
RELX | -1.83% | 46.44 | $ | |
JRI | -0.41% | 13.325 | $ | |
BCE | -1.77% | 33.84 | $ | |
AZN | -1.83% | 78.15 | $ | |
BP | 0.38% | 32.495 | $ |
Revolut urges Meta to step up on cyber fraud reimbursement
British online bank Revolut on Thursday urged Facebook owner Meta to reimburse victims of password security breaches, blasting the US tech giant's data-sharing partnership with several UK banks as "woefully" inadequate.
"Revolut is calling for Meta to commit to the reimbursement of fraud victims, arguing its data sharing initiative with UK banks and financial institutions falls woefully short of what's required to tackle fraud globally," the UK fintech firm said in a statement.
Meta, the parent company of Facebook, Instagram and WhatsApp, unveiled in a press release on Wednesday a partnership with British banks NatWest and Metro Bank designed to help protect customers against cyber fraud -- including fake job, purchase or identity scams -- by sharing data.
But with a Revolut consumer security and financial crime report showing that Meta platforms are the source of 62 percent cyber fraud attacks reported to the UK firm, Revolut's head of financial crimes Woody Malouf said "these are baby steps when what the industry really needs is giant steps forward" to tackle such scams.
"These platforms share no responsibility in reimbursing victims and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply is not good enough," Malouf added in a statement.
"Revolut is deeply concerned that the initiative does not address what's required to tackle fraud.
"The emphasis is once again being placed on financial institutions to supply data on scams seen on Meta platforms, rather than Meta investing more to monitor their own sites" while "this initiative is only focused on the UK, when fraud is a global issue impacting consumers and businesses across many countries."
Revolut said that Meta "potentially" profits from fake and fraudulent adverts.
"Fraud is a multi-sector spanning issue that can only be addressed by working collaboratively," said a Meta spokesman in response.
The company said its data sharing programme was designed so it could work with banks "to protect people using our respective services".
It urged Revolut, which was founded in 2015 and has 45 million clients worldwide, to join its programme.
H.E.Young--AMWN