British bank urges tech and telecom firms to share the rising cost of fraud, citing an 11% overall increase and a 40% spike in investment‑related scams
Executive summary: A British bank publicly called on technology and telecommunications companies to contribute to the cost of fraud prevention, noting that fraud cases rose 11% last year and investment‑related scams jumped 40%. The proposal could shift financial responsibility for fraud from banks to the digital platforms that often enable such schemes, potentially altering industry cost structures and liability frameworks.
Who is involved: The British bank (unnamed in the excerpt), technology firms, telecom operators, and regulators overseeing payment services and digital services.
Likely next: Regulators may launch consultations on liability sharing, while industry groups assess the financial impact and possible legal challenges; meanwhile, fraud trends will be monitored for any shift in scam typologies.
The request reflects growing concern among lenders that fraud losses are outpacing their ability to absorb them alone. By pushing for cost‑sharing, the bank seeks to align incentives across the digital ecosystem, where many scams originate. If adopted, such a model could reshape liability rules for platforms and carriers, though it may face resistance from technology and telecom companies wary of new financial obligations.
Timeline
- — Why are there holiday delay warnings over the EU's new border system? (BBC Business)
- — La banca británica pide que tecnológicas y 'telecos' también paguen la factura del fraude (Expansión)
- — Deutsche Bahn: Stundenlanger Bahn-Stillstand beschäftigt noch am Mittwoch den Aufsichtsrat (Handelsblatt)
- — Se WhatsApp non funziona, la colpa può essere dell’IA (la Repubblica — Economia)
Analysis — what this means
Sectors affected
- Banking
- Technology
- Telecommunications
- Insurance
Regulatory implications
- Potential revision of PSD2/Open Banking liability frameworks.
- EU review of the Digital Services Act concerning fraud responsibility of platforms.
Historical parallels
- 2020 UK Payment Services Regulator push for shared liability in authorised push‑payment fraud.
- 2021 US FCC debate over robocall liability shifting to telecommunications carriers.
- 2022 EU proposals for platform accountability in counterfeit goods and fraud.
Sources
- La banca británica pide que tecnológicas y 'telecos' también paguen la factura del fraude — Expansión
- Se WhatsApp non funziona, la colpa può essere dell’IA — la Repubblica — Economia
- Deutsche Bahn: Stundenlanger Bahn-Stillstand beschäftigt noch am Mittwoch den Aufsichtsrat — Handelsblatt
- Why are there holiday delay warnings over the EU's new border system? — BBC Business