Riccardo Tordera, director of policy and government relations at industry body the Payments Association, told CNBC that, given the “disproportionate amount” of fraud that happens on social media, it’s “unacceptable” tech firms don’t take a mandated responsibility for reimbursing fraud victims.
“Social media platforms are still the wild west for fraudulent behaviour, and our members call for those in charge to increase the urgency with which they are embracing regulation that would make this activity more difficult to carry out,” Tordera said in emailed comments Monday.
Tensions rise between banks and tech companies over online fraud liability
