Meta wants to work more closely with banks to prevent financial fraud on its platform. The social media group is expanding a program that enables the exchange of threat data for financial institutions. The Fraud Intelligence Reciprocal Exchange (FIRE) allows banks to share information directly with META, It said in a statementIn the United Kingdom (UK), banks NatWest and Metro Bank are already participating.
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Nathaniel Gleicher, global head of counter-fraud at Meta, said: “As part of this work, we have already taken action against thousands of accounts run by fraudsters, which shows how important it is that banks and Platforms should work together to solve this social problem.” According to a statement.
Concert ticket fraud busted
An initial success was an action against a network that specialized in concert ticket fraud. Through the collaboration, Meta was able to block approximately 20,000 fraudulent accounts.
The project has also seen initial success in Australia, Reuters news agency reportAccordingly, Meta removed approximately 8,000 fraudulent ads from Facebook and Instagram. These included using deepfakes of celebrities to trick users into investing money in fake investment opportunities.
penalty for inaction
According to Reuters, Meta is also under pressure to crack down on fraud in Australia. The government plans to implement the anti-fraud law by the end of the year. If it is implemented, social media, financial and telecommunications companies will have to pay a fine of 50 million Australian dollars (about 31 million euros) if they do not prevent fraud cases. In the European Union, the Digital Services Act (DSA) regulates that platform operators are obliged to take consistent action against fraudulent advertising on their platforms.
Meta is currently facing multiple allegations in Australia for failing to adequately tackle fraud.
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