Britain’s biggest banks have told the PM that the government must make companies such as WhatsApp-owner Meta Platforms shoulder part of the financial burden caused by scams, Sky News learns.
, NatWest and Nationwide, in which they warned that the UK has become"a global hotspot for fraud and scams".
"Online fraud poses a strategic threat to the prosperity of the UK and impacts the credibility of, and confidence in, the economy and financial sector," they said in the letter, sent on June 6. In it, they urged Mr Sunak to take further steps to combat"the devastating impact fraud is having on people, businesses, and the UK economy".
"A fraud strategy that fails to mandate action on all actors involved in the fraud journey and collective responsibility for the harm done to consumers, will never be effective. They called on Mr Sunak to make voluntary measures aimed at the telecoms and tech sectors mandatory, and said they should be forced to educate consumers on the security and data risks of making payments.
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