UK Finance, which represents more than 300 companies, has written to the chancellor, Jeremy Hunt, requesting that ministers make tech companies take responsibility for payment fraud on their platforms. Specifically, the lobby group is pointing the finger at Meta, which it claims is connected to over 60% of all push payment fraud. An Authorised Push Payment (APP) scam, also known as bank transfer fraud, is a type of scam in which fraudsters trick individuals or businesses into authorising the transfer of funds from their bank accounts to accounts controlled by the criminals. It typically involves social engineering techniques to deceive…
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