Banks and Technology Companies Tangle Over Online Fraud Liability in the U.K.
Banks are increasingly challenging technology firms over online fraud liability in the U.K. As social media companies face scrutiny for their role in scams, the pressure mounts, especially on Meta Platforms Inc. and NatWest Group PLC.
The growing frequency of scams tied to digital platforms raises questions about accountability. Financial institutions argue they bear disproportionate costs and losses due to the vulnerabilities present in technology.
In this business news landscape, there's an urgent need for collaboration and clear delineation of responsibilities between banks and tech giants to protect consumers effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.