Responsibility for social media firms promoting fraudulent ads to reimburse victims

An Oireachtas committee has heard that the vast majority of fraud instances begin with online advertisements

The committee heard of the increasing prevalence of APP fraud, 80% of which begins on social media 

Social media companies found to advertise fraudulent firms and financial scams should be considered as liable for reimbursing victims, an Oireachtas committee has heard.

Speaking at the meeting, The Central Bank of Ireland highlighted the growing threat of authorised push payment (APP) fraud - a technique whereby victims are tricked into making payments to fraudster accounts.