Banks push for tech giants to share scam ad costs

"The Payments Association said platforms like Meta Platforms and X should take greater responsibility for scam adverts that appear on their sites, arguing they profit from the ads, while banks and payment firms shoulder most of the costs when fraud occurs."

"Research cited by the association suggests UK shoppers now see around 185 scam adverts each month on average across platforms including Facebook, Instagram and X. The financial toll is rising, with Juniper Research showing UK consumers lost £44m to fake advert scams in 2025, with losses projected to reach £84m by 2030."

"Since October 2024, tougher consumer protection rules have required payment service providers to reimburse victims of APP fraud. Banks and payment firms have reimbursed around 87 per cent of scam-related losses under the scheme. However, the Payments Association says social media giants, where many scams come from, contribute nothing toward those reimbursements."

Social media companies face pressure to financially contribute to combating online fraud in the UK. The Payments Association argues that platforms like Meta and X profit from advertising, including scam ads, yet banks and payment providers bear the costs of fraud reimbursement. The association urges extending the UK's economic crime levy to social media and telecoms companies. Scam advertisements using AI to impersonate brands have surged, with UK shoppers seeing approximately 185 scam ads monthly. Losses reached £44 million in 2025 and are projected to reach £84 million by 2030. Most scams involve authorized push payment fraud, where payment service providers now reimburse 87 percent of losses under new consumer protection rules implemented since October 2024.

Read at City AM