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Meta, the parent company of Facebook, Instagram, and WhatsApp, has launched the Fraud Intelligence Reciprocal Exchange (FIRE) programme, allowing UK banks to directly share information with the platform to combat scammers.
The six-month pilot programme, conducted in collaboration with NatWest and Metro Bank, resulted in significant action, including the removal of approximately 20,000 scam-related accounts. One notable success was the dismantling of a concert ticket scam network targeting individuals in both the UK and the US.
Following the success of the pilot, Meta is set to onboard more UK banks to expand the initiative. Nathaniel Gleicher, Meta’s Global Head of Counter-Fraud, highlighted the importance of collaboration in tackling the growing fraud epidemic. “We will only beat these criminals if we work together and share relevant information related to scams,” he said. “Financial institutions can share unique information with us, which we can use to improve our systems and take action against more scams globally.”
David Lindberg, CEO of Retail Banking at NatWest, welcomed the partnership, stating: “Partnering with Meta is an important step in addressing the epidemic of fraud. We look forward to expanding our collaboration and working towards a cross-industry approach to fraud prevention and enforcement.”
Nik Adams, Temporary Assistant Commissioner of the City of London Police, also praised the initiative, noting its potential to disrupt criminal activities and protect victims through better intelligence sharing and fraud prevention strategies.
The expansion of the FIRE programme comes at a time when UK banks are pushing for greater accountability from tech and social media companies regarding the fraud that originates on their platforms. Regulators are introducing new rules this month to ensure that the vast majority of money lost to Authorised Push Payment (APP) fraud is reimbursed to victims. However, with 76% of APP fraud occurring online, banks argue that tech giants should shoulder some of the responsibility.
HSBC UK’s Head of Fraud, David Callington, recently emphasised the need for tech firms to be held accountable, stating, “The wider ecosystem, and key players in that ecosystem, have to be held to account. They need the financial incentive to do so.”
Last year, 11 tech and social media companies signed the UK Online Fraud Charter, committing to combat the surge of scams, including fake adverts and romance fraud. However, UK Finance has called for the government to go further, advocating for a tougher legislative approach to bolster the fight against online fraud.
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