'Accountability' needed from social media companies over scams

Alerting a bank to an instance of fraud as soon as possible will help them claw back as much money as possible, Oireachtas committee told

Authorised push payments (APP) fraud occurs when one person is scammed into sending money to the bank account of a fraudster. 

There needs to be some “accountability and responsibility” from social media companies when it comes to their role in showing fake advertising and scams to consumers, the Banking and Payments Federation of Ireland (BPFI) has told an Oireachtas committee.

On Wednesday, the BPFI appeared before the Oireachtas finance committee to address the issue of authorised push payments (APP) fraud and other types of fraud in the industry.