The rise of authorized push payment (APP) fraud has forced UK regulators to demand banks reimburse scam victims. Will US banks follow suit? While shifting liability for scam losses from customers to banks may seem like a simple solution, it ignores a crucial fact: Big Tech platforms enable scams in the first place.
Social media, search engines, and telecom providers all play a role in connecting scammers with victims. It’s time to broaden the conversation beyond banks and explore a “polluter pays” model that holds Big Tech accountable for their role in enabling scams.
Feedzai’s new report, Risk & Reputation: Who Ultimately Pays for Scam Losses?, pivots the traditional conversation over how banks should handle scam liability. By downloading this report, you’ll gain exclusive insights into:
- FTC data points that reveal how scammers connect with victims
- The importance of holding Big Tech accountable with a new liability model
- The challenges and opportunities in getting Big Tech to engage in a new liability model