Paul Benda's guest on this episode of the ABA Fraudcast describes how social media platforms are capable of stopping use of their sites to host large-scale scams but do not do so because of weak incentives, limited liability and, as recent reporting has revealed, a reluctance to disable an enormously successful business.

"This is an incredibly lucrative industry," says Katie Paul, from the Tech Transparency Project. Social media platforms are "completely capable" of addressing these issues, she adds, and describes how the banking industry can take steps to protect itself and its customers.

More information from ABA for banks about the recently introduced SCAM Act is here and here. ABA offers resources to help banks prevent, identify, measure and report fraud, and to serve and protect consumers and their financial data..

Follow the ABA Fraudcast on Apple Podcasts, Spotify or other podcast apps. If the player above is not visible, listen to this episode here.

Host of the ABA Fraudcast is Paul Benda, EVP, risk, fraud and cybersecurity at American Bankers Association.