Social Media Giants Liable For Financial Scams Under New EU Law (politico.eu)
- Reference: 0180227135
- News link: https://tech.slashdot.org/story/25/11/28/0028207/social-media-giants-liable-for-financial-scams-under-new-eu-law
- Source link: https://www.politico.eu/article/social-media-giants-meta-tiktok-liable-for-financial-scams-under-new-eu-law/
> The Parliament and Council agreed on the package of rules after eight hours of negotiations to strengthen safeguards against payment fraud. The deal adds another layer of EU regulatory risk for U.S. tech giants, which have lobbied the White House to confront Brussels' anti-monopoly and content moderation rules.
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> [...] Social media has become rife with financial scams, and MEPs pushed hard to hold both Big Tech and banks liable during legislative negotiations. EU governments, meanwhile, believed banks should be held responsible if their safeguards aren't strong enough. As a compromise, lawmakers agreed that banks should reimburse victims if a scammer, impersonating the bank, swindles them out of their money, or if payments are processed without consent.
[1] https://www.politico.eu/article/social-media-giants-meta-tiktok-liable-for-financial-scams-under-new-eu-law/
This is fantastic news (Score:5, Interesting)
Because it's likely to lead social media giants to quit the EU, and we'll see mental health across the EU improve tremendously.
Re: (Score:2)
As usual, reality is less glamorous. Social Media company will only be liable "if it’s clear that they failed to remove an online scam that had been reported". (source: TFA) Which just means it's another obligation of removing contents, which they already have to remove in short order sorts of violent, obscene, or otherwise illegal contents. Meta will add "financial scams" to the list, hire a few more third-worlders in their WFH moderation team, and continue their day of obscene profits.
Re: (Score:2)
Aww. My bubble has been burst.
Re: (Score:2)
> Meta will add "financial scams" to the list, hire a few more third-worlders in their WFH moderation team, and continue their day of obscene profits.
They've been using AI based moderation for awhile now. Was actually a bit hilarious the time my partner ended up getting a brief "vacation" from Facebook because it misidentified a picture of a new Samsung phone as containing nudity.
Re: FB (Score:2)
your two strong hands, as you have in the past 40 years.
A Small First Step (Score:2, Insightful)
Although this is a small first step, long overdue, it augers the beginning of the end of total immunity for social media conglomerates.
Re: (Score:2)
Indeed. About time.