Revolut has called on Facebook owner Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) to share reimbursement costs with banks for fraud victims as most originate from its social networks.
An initiative between Meta and high street lenders NatWest and Metro Bank "falls woefully short of what’s required to tackle fraud", the fintech said.
The Instagram and Whatsapp owner yesterday invited banks to take part in a data-sharing partnership to try and help prevent fraud.
Revolut issued a report today saying this "simply isn’t good enough", as 62% of scams reported by its customers in the first half of the year originated from Meta's platforms, which is said was the biggest source of all scams.
Research by the fintech stated that the percentage was roughly unchanged from the second half of last year "64%", with Facebook was the most common source, at 39% of fraud volumes, with Meta's WhatsApp also next at 18%.
"What is urgently needed now is for Meta and other social media companies to commit to supporting victims of fraud in the same way financial institutions do," said Revolut’s head of financial crime, Woody Malouf.
He said the pact agreed yesterday amounted to "baby steps, when what the industry really needs is giant leaps forward."
Platforms like Meta "share no responsibility in reimbursing victims, and so they have no incentive to do anything about it", he said. "A commitment to data sharing, albeit needed, simply isn’t good enough."