City calls on tech firms to tackle Britain’s fraud epidemic Tech The City of London Corporation is calling on tech firms to help build a new digital identity verification network, designed to crack down on fraud and reduce the growing costs of financial scams. Under the plans, shared with City AM, consumers would verify their identity once with a trusted provider before reusing those credentials across [...]
Social media giants must do more to stamp out scam ads Opinion Social media platforms must take greater responsibility for combating AI-fuelled Authorised Push Payment (APP) fraud, which is costing consumers and payment service providers millions, says Lord McNicol Online shopping is easy, convenient and sometimes dangerous. The arrival of AI has seen an explosion in fake advertising online and the UK has become a prime target [...]
Banks push for tech giants to share scam ad costs Tech Social media companies are facing renewed calls to help pay for tackling online fraud, as the UK prepares to unveil its updated national fraud strategy. 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 [...]