Tech giant Meta is set to broaden its information-sharing partnership with UK banks following a successful pilot program with NatWest and Metro Bank that resulted in the removal of thousands of scam accounts from its platforms.
The Fraud Intelligence Reciprocal Exchange (FIRE) threat intelligence sharing program enables banks to exchange information directly with Meta, which owns Facebook, Instagram, and WhatsApp. During the six-month pilot, approximately 20,000 accounts associated with scammers were taken down, including a network targeting individuals in the UK and US with concert ticket fraud.
Meta plans to add more UK banks to the initiative. Nathaniel Gleicher, Meta’s global head of counter-fraud, emphasized the importance of collaboration: “We will only beat these criminals if we work together and share relevant information related to scams. Financial institutions can provide unique insights which we can use to enhance our systems and combat scams on a global scale.”
David Lindberg, CEO of retail banking at NatWest, highlighted the significance of partnering with Meta, stating that it marks a vital step in addressing the increasing issue of fraud and fosters a cross-industry approach to prevention and enforcement.
Nik Adams, temporary assistant commissioner with the City of London Police, also supported the initiative, expressing hope that the expansion will enhance Meta’s capacity to respond to harmful content and bolster the wider fight against fraud through intelligence sharing.
This expansion comes as banks advocate for greater accountability from tech companies, social media platforms, and telecommunications providers regarding fraud that emerges from their services. This month, regulators are implementing new rules aimed at ensuring that victims of Authorised Push Payment fraud are compensated for most of their losses.
With 76% of APP fraud occurring online, banks contend that major tech companies should contribute to the solution. Recently, David Callington, head of fraud at HSBC UK, stated that the broader ecosystem needs to be held accountable and that tech firms should have financial incentives to address these issues.
Last year, 11 tech and social media companies committed to a UK Online Fraud Charter to tackle the growing prevalence of scams related to fake advertisements and romance fraud. However, UK Finance has called for a more stringent governmental approach, advocating for legislation based on this voluntary charter.