News

Britain Letting Big Tech off the Hook on Fraud, Banking Chief Warns

The head of Britain's most powerful financial-services lobby accused the U.K. government Thursday of failing to hold big tech firms accountable for their part in facilitating an ongoing epidemic of fraud worldwide. David Postings, chief executive of UK Finance, told attendees of the trade group's Economic Crime Congress in London that financial institutions in Britain allocate a large share of the £38 billion they spend annually on compliance towards shielding customers from authorized push-payment fraud and other schemes that increasingly begin online, and on social media especially. "This is where prevention should be happening, at scale with real, genuine investment...

TO READ THE FULL STORY
Subscribe Learn More