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The blame game between governments, banks and tech companies over who foots the bill for cyber scams

As payment fraud proliferates, governments, banks and tech companies disagree on who should cover consumer losses

US senator Elizabeth Warren has proposed a bill that would put in place a similar fraud liability programme to that of the UK © Graeme Sloan/Sipa USA/Reuter“I would say that some scams should not necessarily be reimbursed,” Denise Leonhard, general manager of Zelle, told an industry conference in November. Now, chancellor Rachel Reeves has asked social media and telecoms companies including Meta, TikTok, and BT to update ministers about progress on fraud prevention before March, with the veiled threat of further action if they fail to act. Nathaniel Gleicher, global head of counter-fraud at Facebook owner Meta, told the FT in October that the platform was already incentivised to fight fraud because it wants to build a “safe” community for its users and risked getting fined by UK media regulator Ofcom.

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