Big tech should reimburse victims of online scams - British lawmakers

FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - 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.