AML Intelligence: Banks urge social media platforms to intensify efforts against fraud

UK Finance revealed £571 million was stolen in card payment fraud during the first half of 2024 with 72% of APP scams originating on social media. Despite a slight decrease in fraud from 2023, social media and telecom platforms are still key enablers. UK Finance and the UK Payment Systems Regulator are pressing these sectors to intensify their anti-fraud measures, as existing efforts are insufficient against advanced scams…