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.

Fintech giant Revolut has thrown its weight behind calls for social media firms to help reimburse scam victims, calling out Meta’s latest anti-fraud push for falling “woefully short”. The London-based banking app said on Thursday that it was “deeply concerned” Meta’s new UK bank data-sharing programme “does not address what’s required to tackle fraud”.