Why Fraud Liability Requires a Broader Perspective

Fraud is no longer confined to banking channels, and liability for its impact shouldn’t be either. In a recent feature by The Financial Revolutionist, “Why Fraud Liability Can’t Stop at Banks”, Michal Tresner, CEO of ThreatMark, shared his perspective on why tackling fraud effectively demands collective accountability across the digital ecosystem.

As scams and authorized push payment (APP) fraud continue to rise, banks frequently shoulder the financial burden. However, fraud often originates on other platforms—social media networks, telecom providers, and third-party services—that remain largely outside current liability frameworks. This fragmented responsibility creates gaps that fraudsters exploit and exposes consumers to unnecessary risk.

Tresner emphasizes that systemic threats require systemic solutions. Extending liability beyond financial institutions can incentivize all stakeholders—tech providers, telcos, and content platforms—to adopt stronger fraud-prevention controls. By encouraging shared accountability and intelligence exchange, regulators and industry leaders can close loopholes and reduce collective exposure to fraud-related losses.

For financial institutions, this is both a regulatory and operational wake-up call. Fraud prevention cannot succeed in isolation. True resilience begins with collaboration and partnerships across the digital value chain, supported by advanced technologies that detect fraud earlier and mitigate attacks before they escalate.

Read the full discussion in The FR and explore why joint liability may become a cornerstone of tomorrow’s fraud strategies: Why Fraud Liability Can’t Stop at Banks.