American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Meta partners with UK’s NatWest and Metro Bank to combat social media fraud

by admin October 2, 2024
October 2, 2024
Meta partners with UK’s NatWest and Metro Bank to combat social media fraud

Meta, the parent company of Facebook, has strengthened its fraud detection efforts by collaborating with NatWest and Metro Bank in the UK.

This partnership, called the Fraud Intelligence Reciprocal Exchange (FIPE), enables British banks to share critical information directly with Meta, helping to identify and eliminate scam accounts.

The initiative is already making a significant impact, with 20,000 fraudulent accounts taken down as part of a concert ticket scam network.

The move marks a critical step in Meta’s broader efforts to combat fraud across its platforms.

In a bid to intensify its fraud prevention measures, Meta has rolled out the FIPE initiative, partnering with two major UK banks—NatWest and Metro Bank.

The collaboration allows these banks to share crucial fraud-related data, enabling Meta to take prompt action against scammers.

Through this exchange, Meta can better identify fraudulent accounts on Facebook, Instagram, and WhatsApp, a necessary move considering the rampant fraud on its platforms.

The FIPE initiative is expected to grow, with more UK banks anticipated to join in the future.

20,000 scam accounts taken down

Meta’s fraud detection technology, fuelled by data from UK banks, has led to the removal of 20,000 scam accounts that were part of a widespread concert ticket scam.

NatWest and Metro Bank have been instrumental in this success by providing key information, which Meta then used to train its systems to detect similar fraud schemes.

This collaboration highlights the power of sharing data between financial institutions and tech platforms to address scams effectively.

While NatWest and Metro Bank are currently the only participants in Meta’s FIPE initiative, there is potential for more UK financial institutions to get involved.

Meta’s collaboration with the banks has already proven successful, significantly reducing fraudulent activity on its platforms.

With the effectiveness of the system evident, other financial institutions may see the benefits of joining the pact, making it easier to combat fraud on a larger scale.

Impact on Meta’s reputation

Meta’s partnership with NatWest and Metro Bank comes in response to growing pressure from UK banks for the company to take more action against scammers.

British digital bank Starling, backed by Goldman Sachs, pulled its advertising from Meta’s platforms in 2022 over concerns about fraudulent financial ads.

The new collaboration is Meta’s answer to these concerns and could potentially restore confidence among UK banks, particularly if more institutions join the fraud-sharing scheme.

Beyond the UK, Meta has long faced criticism for allowing scammers to misuse its platforms.

From authorised push payment fraud to loan scams, fraudulent activity has been rampant on Facebook, Instagram, and WhatsApp.

Meta has existing policies to ban the promotion of financial fraud, but this collaboration with UK banks marks a step toward more proactive prevention measures.

The company aims to train its systems globally using the insights gained from this partnership.

The post Meta partners with UK’s NatWest and Metro Bank to combat social media fraud appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
Shell share price forms a risky pattern; 27% crash possible
next post
Warner Bros stock a dirt cheap bargain or a value trap?

Related Posts

Sweetgreen stock forecast for 2025: will the SG...

December 24, 2024

The most expensive URL ever? OpenAI CEO Sam...

November 8, 2024

Ulta Beauty CEO outlines plans to boost sales...

June 3, 2024

Indians to spend more than $50 during the...

September 18, 2024

OpenAI’s ChatGPT Pro is losing money, CEO Sam...

January 6, 2025

Capital One to acquire Discover Financial Services in...

February 21, 2024

Apple’s Maryland store workers vote to authorize strike

May 14, 2024

Europe markets open: stocks up; focus on China,...

May 20, 2025

Wayfair to open its first large store, as...

May 19, 2024

Trump’s return boosts 2025 profit outlook for Singapore’s...

November 7, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,012)
    • Investing (2,455)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved