Labour plans to make tech giants liable for reimbursing victims of online fraud, report

Banks have said it's unfair they should bear burden of crimes propagated through tech platforms

clock • 3 min read
Labour plans to make tech giants liable to reimburse victims of online fraud, report
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Labour plans to make tech giants liable to reimburse victims of online fraud, report

The Labour Party has drafted a proposal to hold technology companies accountable for compensating victims of online fraud, signalling a significant shift from existing regulations that place the onus on banks.

Labour's planned move comes in response to mounting criticism from the financial sector and seeks to address the increasing prevalence of authorised push payment (APP) fraud. The annual cost of ...

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