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

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Latest News

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

by admin October 2, 2024
October 2, 2024

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
Chile’s economic activity growth slows to 2.3% in August as manufacturing and services struggle
next post
Donald Trump’s 2020 election case intensifies: how will it affect DJT stock?

Related Posts

American mountaineer’s body found by fellow US climbers...

July 11, 2024

Archaeologists are now finding microplastics in ancient remains

March 27, 2024

Fears grow for runner missing in dense Australian...

February 11, 2024

Ukraine’s soldiers ‘in deep defense mode’ as uncertainty...

February 5, 2024

Jailed Pakistani former Prime Minister Imran Khan and...

February 4, 2024

Where is Hind? Calls for answers more than...

February 7, 2024

Planet endures record-hot April, as scientists warn 2024...

May 9, 2024

Spanish police searching for missing American woman

February 21, 2024

Fed Chair Powell signals caution on rate cuts...

March 8, 2025

US soybean market rattled as China strikes with...

April 9, 2025

    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

    • GMS stock jumps 29% on takeover interest from Home Depot, QXO, analysts raise PTs

      June 22, 2025
    • Japan’s rice price surge: what’s driving it and why it could spark a political crisis

      June 22, 2025
    • BofA raises STOXX 600 target amid resilient global growth, warns on Mideast risks

      June 22, 2025
    • Palantir co-founder: US must prevent Iranian nukes

      June 22, 2025
    • Fed governor Waller advocates for July rate cut amid tariff, labor market outlook

      June 21, 2025

    Categories

    • Business (3,199)
    • Investing (2,531)
    • Latest News (2,000)
    • 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