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Top related persons:
Meta - 2 Woody Malouf - 2 Jaap Arriens - 1 it's - 1 Matt Akroyd - 1 Kate Fitzgerald - 1 Rob Jones - 1 Jones - 1
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London U.S Meta
Top related orgs:
NatWest - 2 Metro Bank - 2 CNBC - 2 Meta - 2 Nurphoto - 1 Getty - 1 Systems - 1 PSR - 1

Search resuls for: "Woody Malouf"


2 mentions found


☆ Tensions rise between banks and tech companies over online fraud liability in the UK
  + stars: | 2024-10-07 | by ( Ryan Browne | ) www.cnbc.com   time to read: +6 min
Meta is facing calls from U.K. banks and payment firms like Revolut to financially compensate people who fall for scams on their services. Proposals to make tech firms liableTensions have been running high between banks and tech companies for some time. A key ask has been for the tech firms to share more detailed intelligence on how criminals are abusing their platforms. Social media firms not doing enough to combat and remove attempts to defraud internet users was another complaint from regulatory authorities at the event. Jones added that it was tough to "break the inertia" at tech companies to "really get them to get after it."
Persons: Jaap Arriens, it's, Meta, Woody Malouf, Matt Akroyd, Kate Fitzgerald, Rob Jones, Jones Organizations: Nurphoto, Getty, Systems, PSR, Payments Association, Facebook, NatWest, Metro Bank, Financial Times, Labour Party, CNBC, Stewarts, Social, Economic Crime, U.K, National Crime Agency, Tech, Meta, Intelligence Locations: London
☆ Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims
  + stars: | 2024-10-03 | by ( Ryan Browne | ) www.cnbc.com   time to read: +2 min
British financial technology firm Revolut on Thursday criticized Facebook parent company Meta over its approach to tackling fraud, saying the U.S. tech giant should directly compensate people who fall victim to scams via its social media platforms. In a statement, Woody Malouf, Revolut's head of financial crime, said that Meta's plans to tackle financial fraud on its platforms amount to "baby steps, when what the industry really needs is giant leaps forward." "These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. Britain's Payments System Regulator had previously recommended a £415,000 maximum compensation amount for fraud victims, but backed down following backlash from banks and payment firms. The fintech firm published a report Thursday alleging that 62% of user-reported fraud on its online banking platform originated from Meta, down from 64% last year.
Persons: Revolut, Woody Malouf, Malouf, Meta, Revolut's Malouf, WhatsApp Organizations: Facebook, Meta, NatWest, Metro Bank, CNBC, Regulator, Consumer Security Locations: U.S, Meta
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