Meta partners with banks to end online scams

Nathaniel Gleicher, global director of anti-fraud at Meta, highlighted in a statement the importance of digital platforms and banks collaborating to address a social problem that affects millions of people around the world.

This has been a request that banks have made for a long time, as they have detected that scammers are proliferating on their platforms, especially on WhatsApp. In fact, in 2022, the British bank Starling, backed by Goldman Sachs, began a boycott against Meta and removed advertising from its social networks.

In accordance with Meta’s policies, the promotion of financial frauds is prohibited on all its platforms, including schemes that promise high rates of return and unrealistic promises; However, that has not prevented them from continuing to proliferate on social networks.

Victims should be compensated, banker criticizes

Following this announcement, the head of financial crime at British fintech Revolut, Woody Malouf, criticized Meta’s move to partner with banks, noting that such a deal “falls woefully short of what is required to tackle fraud globally.”