Meta 'have turned UK into the home of fraud'

Britain 'has become the home of fraud', a bank boss warned yesterday –as social media bosses were urged to do more to address the problem.

Lloyds chief executive Charlie Nunn told MPs payment scams are 'going to get worse' unless the likes of US tech giant Meta take action.

And NatWest boss Paul Thwaite said £2,300 a minute is lost to this kind of fraud, where account holders are tricked into transferring money.

MPs on the Treasury committee heard that latest data shows that three quarters of such cases originated online and 60 per cent were connected to Meta, which owns Facebook and Instagram.

Tricks include fraudsters impersonating celebrities such as Brad Pitt, and 'romance scams' – where they convince people they are in a genuine relationship – to persuade victims to hand over cash.