The pilot has already led to significant achievements, including the dismantling of a major concert ticket scam network targeting individuals in both the UK and the US. Over the course of the six-month pilot, Meta removed approximately 20,000 accounts operated by scammers, based on 185 URLs shared between the banks and Meta under the Stop Scams UK initiative, the statement added.

“Meta’s FIRE program has significant potential to reshape fraud prevention strategies within the financial sector by fostering direct collaboration between social media platforms and banks,” Indranil Bandyopadhyay, principal analyst at Forrester said. “By sharing intelligence and resources, they can detect and prevent scams that exploit digital and financial channels more effectively.”

The expansion of FIRE has been welcomed by key stakeholders in the financial and law enforcement sectors, including the City of London Police and the National Economic Crime Centre.