Australia’s Westpac Banking Corp‘s CEO has urged social media companies like Meta Platforms (NASDAQ:META) to play a more active role in preventing online scams, citing the increasing threat to consumers.

Call For Stricter Action On Scams

At a meeting of the Australian British Chamber of Commerce in Sydney, Anthony Miller emphasized the need for social media companies to take more significant steps in curbing online scams, reported Reuters.

Miller said the bank cannot tackle the rising consumer threat on its own. He pointed out that Westpac has spent more than $333 million over the past five years on scam and fraud prevention, including advanced detection tools and customer-protection systems. Still, he emphasized that others in the ecosystem, especially social media platforms, must step up to better protect Australians, according to the report.

This call for social ...