Meta has launched the Fraud Intelligence Reciprocal Exchange (FIRE) program, allowing banks to share data to combat scams. This initiative led to the removal of 20,000 scam accounts in the UK alone, with notable participation from NatWest and Metro Bank. The focus is on a proactive strategy to identify and dismantle fraud before it reaches consumers. As scams rise, collaboration between banks and Meta could signify a significant step towards tackling online fraud effectively.
David Lindberg, NatWest's CEO of Retail Banking, emphasized the urgency of combating fraud, stating, "The best way to stop scammers is to identify them before they are able to target consumers. Partnering with Meta is an important step in tackling the epidemic of fraud. We welcome the opportunity to deepen our collaboration and ensure a cross-industry approach to fraud prevention and enforcement." This collaboration aims to address the growing concern of fraud across social media platforms.
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