SANTANDER UK chief executive Mike Regnier (pictured) has called on social media giants, particularly Meta, to take more responsibility for reimbursing victims of fraud amid a boom in online scams.

A combination of English being an international language and "faster payments" systems operated by British banks make the country's customers "a boon to the unscrupulous", Regnier told the Mail on Sunday.

Big banks have voluntarily been refunding customers who fall victim to authorised push payment (APP) fraud since 2019.

"We see Whatsapp scams and Facebook Marketplace scams happening every day," he said. "I would like to see other players in the supply chain of fraud pay the bill," UK Finance has also called on Big Tech to take more responsibility for fraud.

(c) 2023 City A.M., source Newspaper