Lloyds Banking CEO Criticizes Meta for Failing to Tackle Rising Fraud on Social Media Platforms

Charlie Nunn, CEO of Lloyds Banking Group, has called out technology firms like Meta for not doing enough to stem the rising tide of scams that originate on social media. In a strongly worded critique, Nunn, one of the UK's leading bankers, urged tech giants to collaborate more closely with banks to safeguard consumers from fraud.

Speaking during an appearance on the BBC’s Sunday with Laura Kuenssberg, Nunn stated that companies like Meta were failing to "pull their weight" in addressing the issue. He pointed to startling statistics to highlight the scale of the problem.

“80% of financial fraud in the UK is occurring through the big tech companies, almost 70% through one company – Meta,” Nunn said.

He emphasized the emotional toll that such fraud takes on victims: “It’s really harrowing. I listen in to calls and hear what people are going through when they experience fraud, and we need to do more to protect customers – not just compensate them.”

Nunn’s comments come in the wake of new regulations in the UK that hold banks accountable for reimbursing victims of authorised push payment (APP) fraud, with compensation claims capped at £85,000 per case. The banking sector has voiced concerns over these rules, asserting that tech companies, where the majority of scams are initiated, should share some of the burden. Both HSBC and Revolut have previously called for social media platforms to contribute to refunding fraud victims.

While Nunn stopped short of explicitly demanding financial compensation from Meta, he made it clear that the social media giant was at the center of the issue.

“It’s Facebook Marketplace, the Facebook platform, and the Instagram platform,” Nunn said. “They’re the ones that are enabling customers to be contacted by fraudsters.”

Meta, the parent company of Facebook and Instagram, has made recent efforts to address the issue. The company has partnered with UK banks in a fraud intelligence sharing project, which led to the removal of around 20,000 scam accounts.

However, the pressure on Meta continues to mount, with banks increasingly calling for the tech firm to take stronger action against online scams.

Nunn’s remarks reflect the growing frustration in the financial sector over the perceived imbalance of responsibility between banks and tech companies in protecting consumers from the damaging effects of fraud.

By fLEXI tEAM