UK banks have called for social media companies to “do far more” to protect the public from scammers as new data showed fraud losses continue to be driven via online platforms. Photograph: Tim Goode/PA WireUK banks have called for social media companies to “do far more” to protect the public from scammers as new data showed fraud losses continue to be driven via online platforms.
However, the industry body highlighted that 72 per cent, of APP scams – where customers are tricked into making payments – originated on social media sites, with telecommunications networks accounting for 16 per cent.No end in sight for house price growth The UK Finance report came in the same week the UK Payment Systems Regulator said that social media groups must do more in the “war of attrition” against financial fraud on their sites.
The payments regulator this month introduced rules to make payment providers liable for losses to APP fraud up to £85,000. In the first six months of the year, losses from unauthorised card payments, covering payment cards, remote banking and cheques, totalled £358 million, up 5 per cent year-on-year. Over the same period the number of cases climbed 19 per cent to just over 1.5 millionn.
“When a customer goes to buy the product advertised on a ‘fake’ social media profile, the criminal uses stolen card details to purchase the item from a legitimate source and then keeps the payment from the customer.”
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