The Prime Minister has received a letter from Britain’s largest banks, urging Rishi Sunak to hold Facebook-owner Meta and other American tech companies accountable for refunding individuals who fall victim to scams on their platforms. In an effort to combat online fraud, the banks, including Barclays, HSBC UK, NatWest, and TSB, emphasize the need for tech companies to take greater responsibility.
Statistics estimate that consumers were subject to theft at a rate of £2,300 per minute last year. The banks warn that online fraud poses a strategic threat to the UK’s prosperity, impacting the credibility and confidence in the economy and financial sector.
The letter, which was sent earlier this month and initially reported by Sky News, highlights the importance of addressing this issue promptly: “It is having a material impact on how attractive the wider UK financial sector is perceived by inward investors, which as we know, is critical for the health of the City of London and wider UK economy.”
These concerns arise as new regulations are set to require banks to reimburse fraud victims within 5 days. Currently, under a voluntary code of guidelines, fewer than half of victims are able to recover their funds. However, the new laws will not cover cases where victims played a role in the fraud or exhibited gross negligence.
The Financial Services and Markets Bill, currently in progress through Parliament, will implement the reimbursement requirements starting next year.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
