Digital bank Revolut slams Meta over approach to scams [Video]

British financial technology firm Revolut on Thursday criticized Facebook parent company Meta over its approach to tackling fraud, saying the U.S. tech giant should directly compensate people who fall victim to scams via its social media platforms.

A day after Meta announced a partnership with U.K. banks NatWest and Metro Bank on a data-sharing framework designed to help prevent customers from falling prey to fraud schemes, Revolut said the pact “falls woefully short of what’s required to tackle fraud globally.”

In a statement, Woody Malouf, Revolut’s head of financial crime, said that Meta’s plans to tackle financial fraud on its platforms amount to “baby steps, when what the industry really needs is giant leaps forward.”

“These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply isn’t good enough,” Malouf added.

A Meta spokesperson told CNBC that its intelligence-sharing framework for banks “is designed …