Meta Forms Data-Sharing Alliance with UK Banks to Combat Fraud

Meta, the parent company of Facebook, announced a new collaboration with two major UK banks, NatWest and Metro Bank, to tackle the rising issue of online scams. This initiative, part of Meta’s Fraud Intelligence Reciprocal Exchange (FIPE), aims to enhance fraud detection by allowing UK banks to share vital data directly with Meta. The goal is to identify and dismantle accounts involved in fraudulent activities.

The system has already seen significant success. For example, Meta claims it shut down 20,000 scam accounts linked to a network selling fake concert tickets in both the UK and the U.S., thanks to data provided by British banks.

Meta’s head of counter-fraud, Nathaniel Gleicher, emphasized the importance of collaboration between financial institutions and social media platforms, noting that such partnerships enable faster detection and removal of scam accounts.

Meta’s existing policies already prohibit the promotion of financial fraud, including deceptive schemes such as loan scams and fake investment promises. However, this new collaboration represents a significant step in the ongoing fight against online financial crimes. Additional banks are expected to join the program soon, further expanding its reach.