Big tech should reimburse victims of online scams

While banks have signed up for a voluntary code to reimburse fraud victims who do enough to protect themselves, there is not sufficient regulation governing social media and other websites where victims are often first lured in, Mel Stride, chairman of the cross-party Treasury committee, told Reuters (File pic shows Parliament Square. - Reuters)

LONDON: Big tech companies whose online platforms carry advertisements for scams should be made to reimburse victims, British lawmakers said, as part of wider efforts to combat a growing epidemic of online fraud in Britain.

While banks have signed up for a voluntary code to reimburse fraud victims who do enough to protect themselves, there is not sufficient regulation governing social media and other websites where victims are often first lured in, Mel Stride, chairman of the cross-party Treasury committee, told Reuters.