British banks are demanding big tech companies take financial responsibility for online scams, citing a significant increase in fraudulent activity from online sources. Despite efforts by the UK government and the introduction of regulations like the Online Safety Act and the Online Fraud Charter, banks argue that the measures have fallen short of effectively combating the problem. As the debate intensifies, policymakers are under pressure to hold tech platforms – Meta seems to be the number one offender – accountable for payment scams and fraudulent activities occurring on their platforms.
British Banks Want Big Tech to Pay Up When People are Scammed Online
