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Banks and tech companies at odds over online fraud liability in UK
In the U.K., a number of financial firms see themselves as bearing the brunt of the cost for scams taking place virtually.
Matt Akroyd, a commercial litigation lawyer at Stewarts, told CNBC that, after their victory on lowering the maximum reimbursement limit for APP fraud down to £85,000, banks "will receive another boost if their efforts to push the government to place some regulatory liability on tech companies is also successful." In written evidence to a parliamentary committee last year, the social media giant said that banks in the U.K. are "too focused on their efforts to transfer liability for fraud to other industries," adding that this "creates a hostile environment which plays into the hands of fraudsters." In a statement to CNBC Thursday, the tech giant stressed that banks, including Revolut, should look to join forces with Meta on its FIRE framework to facilitate data exchanges between the firm and large lenders.
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