Tech giant Meta has announced the expansion of its data-sharing partnership with UK banks as part of its ongoing efforts to combat the rising tide of online fraud. The initiative, known as the Fraud Intelligence Reciprocal Exchange (FIRE), enables financial institutions to directly share threat intelligence with Meta to identify and eliminate scam accounts across its platforms.
In a statement, Meta confirmed that the early stages of the pilot programme, which initially involved NatWest and Metro Bank, led to the removal of approximately 20,000 fraudulent accounts linked to various scam activities. The initiative was welcomed by several financial institutions and industry bodies, including the City of London Police and the National Economic Crime Centre, as a crucial step in tackling the growing challenge of digital fraud.
“Spotting and stopping fraudsters before they are able to target customers is the best way to address this growing problem,” said David Lindberg, CEO of Retail Banking at NatWest. “Partnering with Meta is an important step in tackling the epidemic of fraud. We welcome the opportunity to deepen our collaboration and ensure a cross-industry approach to fraud prevention and enforcement.”
The expansion of the Fraud Intelligence Reciprocal Exchange (FIRE) programme comes at a time when UK banks are under increasing pressure to strengthen their defences against scams originating from social media and other digital platforms. According to the most recent data, 76% of Authorised Push Payment (APP) fraud cases originate online, with scammers using sophisticated tactics to deceive consumers and businesses alike.
In response, banks have been calling for tech giants to take more responsibility for the fraudulent activities occurring on their platforms. HSBC UK’s Head of Fraud, David Callington, recently stated, “The wider ecosystem, and key players in that ecosystem, have to be held to account. They [tech firms] need the financial incentive to make tackling this issue a priority.”
Meta’s partnership with the financial sector represents a strategic shift, acknowledging the need for collaboration between the banking industry and social media platforms to fight this escalating threat. The FIRE programme, which started as a pilot in partnership with NatWest and Metro Bank, is expected to onboard additional UK banks in the coming months to further strengthen its impact.
During the initial six-month pilot, the FIRE programme was instrumental in taking down a large-scale concert ticket scam network that was targeting consumers in both the UK and the US. By leveraging intelligence shared by the participating banks, Meta was able to act swiftly and remove thousands of fraudulent accounts linked to the scam. According to the company, data from 185 URLs shared through the pilot led to the identification and removal of over 20,000 malicious accounts.
Nathaniel Gleicher, Global Head of Counter-Fraud at Meta, emphasised the importance of collaboration in the fight against online fraud. “We will only beat these criminals if we work together and share relevant information related to scams. Financial institutions can share unique information with us, which we can in turn use to train our systems to take action against more scams globally,” he said.
The sentiment was echoed by Faisal Hussain, Chief Operating Officer at Metro Bank, who highlighted the need for an industry-wide approach: “Scams are an industry-wide problem which require industry-wide solutions. We’ve been inspired by our work with Meta as an example of how we can all work together to protect consumers from faceless online fraudsters.”
Despite the early successes, the programme’s expansion comes amidst broader discussions around the role of big tech in the fight against online financial crime. In 2023, 11 tech and social media firms signed the UK’s Online Fraud Charter, a voluntary agreement aimed at reducing the prevalence of fraud on digital platforms. However, industry bodies such as UK Finance have since called for more stringent regulations, urging the government to mandate greater accountability for tech companies.
Adrian Searle, Director of the National Economic Crime Centre, welcomed Meta’s efforts, noting that, “The expansion of Meta’s scam reporting channel, following a successful pilot, is welcome news – demonstrating a willingness to help tackle the scourge of online fraud by bringing together data from across the bank and technology sectors.”
Looking forward, Meta and its partners hope to build on the pilot’s achievements by onboarding more banks and developing advanced mechanisms for scam detection and enforcement. This collaborative approach is expected to play a pivotal role in creating a safer digital environment for consumers, but achieving long-term success will require sustained commitment and greater integration across the entire digital ecosystem.
“Partnership between the public and private sector is key to preventing this pervasive threat,” said Searle. “We look forward to working with Meta, building on FIRE’s early success, and sharing data across sectors to impact the Fraud threat at scale.”
This article first appeared in bobsguide, The Global Treasurer’s sister publication.
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