Lloyds slams Facebook owner for failing to stop online scams | This is Money

Lloyds Bank fires a salvo at Facebook-owner Meta, slamming it for failing to stop a ‘Wild West’ surge in online shopping scamsBy Patrick Tooher, Financial Mail On Sunday Updated: 16:51 EDT, 27 May 2023 Lloyds Bank this weekend fired a salvo at Facebook-owner Meta, slamming it for failing to stop a ‘Wild West’ surge in online shopping scams. Britain’s biggest retail bank – which has 26 million customers – blasted the social media giant for enabling so-called ‘purchase’ frauds.The banking group claimed two-thirds of the scams start on Meta-owned platforms, which also includes Instagram.Banks and insurance groups have been frustrated for years that social media companies are not made to pay their fair share of compensation to victims for frauds hosted on their platforms.But it is highly unusual for a lender like Lloyds to take aim at an individual tech firm like Meta.The intervention puts Lloyds Banking Group boss Charlie Nunn at loggerheads with Facebook tycoon Mark Zuckerberg. Face-off: Lloyds Banking Group boss Charlie Nunn and Meta executive chairman Mark ZuckerbergBritish banks have previously urged ministers to tackle online financial scams amid concerns that criminals are using Facebook and Google to place fraudulent advertisements with impunity.The failure of internet giants
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