A day after Facebook’s parent company announced a data-sharing agreement with British banks and financial institutions to help protect customers from becoming victims of fraud, Revolut said Meta’s initiative “falls woefully short of what’s required to tackle fraud globally.”

UK fintech Revolut has called on Meta to share the cost of compensating fraud victims with banks and criticised its fraud prevention efforts, in a sign of rising tension between financial and tech groups about how to tackle and pay for the problem.

British online bank Revolut on Thursday urged Facebook owner Meta to reimburse victims of password security breaches, blasting the US tech giant's data-sharing partnership with several UK banks as "woefully" inadequate.