Banks Must Pay Online Fraud Victims

This is a U.K. news story, published by CNBC, that relates primarily to Revolut news.

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online fraud

CNBC

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Tensions rise between banks and tech companies over online fraud liability in the UK

Summary

Nutrition label

81% Informative

Starting from Oct. 7 , banks will be required to start compensating victims of online fraud a maximum 85,000 in the U.K. Tensions are escalating over who should be liable for compensating people if they fall victim to fraud schemes online.

On Thursday , London -based digital bank Revolut accused Meta of falling "woefully short of what's required to tackle fraud globally".

Meta says banks in the U.K. are "too focused on their efforts to transfer liability for fraud to other industries" The social media giant called on the government to "encourage more cross-industry collaboration like this" The tech giant stressed that banks, including Revolut , should look to join forces with Meta on its FIRE framework.

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Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

possibly offensive

Hate speech

not hateful