Social Media Giants Liable For Financial Scams Under New EU Law (politico.eu) 18
Platforms including Meta and TikTok will be held liable for financial fraud for the first time under new rules agreed by EU lawmakers in the early hours of Thursday. From a report: 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.
[...] 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.
[...] 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.
A Small First Step (Score:5, Insightful)
Re: (Score:3)
Indeed. About time.
Re:A Small First Step (Score:5, Insightful)
Stop being a sucker. Stop making others responsible for your idiocy.
Good grief, our species is garbage. The EU only more so
In most EU countries, there is an expectation of honesty in business dealings. Yes, there are always shady characters, but America seems to have an ingrained business culture of trying to fuck everyone else over. I'm not certain why that leads you to the conclusion that it is the EU that is garbage in comparison.
Re: (Score:2)
Is personal agency no longer a thing?
Not in Europe, at least. That was declared immoral about 15 years ago.
https://youtu.be/-bMzFDpfDwc&t... [youtu.be]
It's all good though because they observe the traffic signals with the devotion of a monk.
Re: (Score:3)
augurs. Verb. What an augur does (an ancient fortune teller).
augers. Plural. From auger (an ancient drilling tool used in agriculture).
Re: (Score:3)
it augers the beginning of the end of total immunity for social media conglomerates.
You've drilled down to heart of the matter.
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:This is fantastic news (Score:5, Informative)
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:3)
Aww. My bubble has been burst.
Re:This is fantastic news (Score:4, Interesting)
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: (Score:2)
To be honest it makes sense.
The AI took one look at that new sleek phone and saw AI porn.
Re: (Score:2)
Except it w
Re: FB (Score:2)
your two strong hands, as you have in the past 40 years.