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UK Banks Want To Hold Google And Facebook Accountable For Their Role In Online Fraud

Online fraud remains a pressing problem in today’s society. Unfortunately, technology giants play a big role in facilitating this nefarious activity. Google and Facebook may be forced to reimburse UK victims of online fraud as the threat vector becomes more outspoken over time. 

Google And Facebook Face Scrutiny

While the concept of online fraud has been an issue for decades, things do not seem to improve. Going after the culprits is a foregone conclusion. However, service providers facilitating this behavior, such as Google and Facebook, need to be held accountable too. Technology giants should do everything they can to prevent fraud, yet they often fall woefully short on that front. 

Major UK banks claim Google and Facebook have contributed to the rise of online fraud. These banks agree that technology giants need to embrace the “polluter pays” principle. As contributors to online fraud, these companies should do their part in reimbursing affected customers. That doesn’t mean Facebook, Instagram, Google, and other providers will effectively do anything, though. 

TSB Director of Fraud Paul Davis adds:

“Authorised fraud doesn’t start and end with banks, other sectors play a role in facilitating it. The steps some tech giants have taken to help prevent scams are welcome, but they also need to help with the cost.”

It is worth noting over three in four scams occur via social media, auction sites, or dating apps. Facebook and Instagram are the big targets for social media online fraud. Google, as the world’s leading search engine, will [inadvertently[ help scammers drive traffic to auction sites and dating apps through ads showing up above the search results. As the company makes money from these fraudulent ads, it should use those funds to help repay fraud victims. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.
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