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Banks are only likely to reimburse victims if they can prove that the bank should have flagged the fraudulent payments.
Santander, Barclays, Lloyds, Nationwide, TSB and NatWest have criticised Mark Zuckerberg’s Meta for not doing enough to stamp out scams and protect users on its platforms.
Rishi Sunak’s fraud tsar, Anthony Browne MP, told the Daily Mail, which first reported on the figures, the sheer volume of scams showed social media companies needed to do more to help tackle the burgeoning online fraud epidemic.
He said: “British people are being hit with an avalanche of scams, causing untold financial misery, and the majority is online.
“The huge tech firms – the richest, most technologically advanced companies that have ever existed – must protect their users. I am determined to make sure they put systems in place to stop scams.”
The fraud data comes after Money Saving Expert founder Martin Lewis threatened to sue Facebook last month after a deepfake scam circulating on the platform used his likeness to promote a fake investment scheme.
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