Meta Expands Data-Sharing with UK Banks to Combat Fraud

Meta is expanding its data-sharing initiative, the Fraud Intelligence Reciprocal Exchange (FIRE), in partnership with UK banks to tackle rising online fraud. Following a successful six-month pilot with NatWest and Metro Bank, more financial institutions are set to join the program in the coming months. Facilitated by Stop Scams UK, the initiative allows banks to share intelligence directly with Meta, aiding the tech giant in identifying and removing scam networks across its platforms, including Facebook, WhatsApp, and Instagram.

During the pilot, Meta dismantled a major concert ticket scam network and removed around 20,000 scam accounts, based on intelligence shared by banks. This collaboration highlights the importance of cross-industry efforts in addressing the surge in scams on social media. As fraud levels continue to rise, UK banks and regulators have been pressing Big Tech to take more action.

New rules set to take effect on October 7 will require banks to reimburse victims of authorised push payment (APP) fraud up to £85,000 – however, the rules do not hold tech platforms accountable. The expansion of Meta’s FIRE program has been welcomed by UK authorities, with hopes that it will enhance the fight against fraud across all of Meta’s platforms (Facebook, Threads, Instagram and Whatsapp being the most notable).