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British online bank Revolut on Thursday urged Facebook owner Meta to reimburse victims of password security breaches, blasting the US tech giant's data-sharing partnership with several UK banks as "woefully" inadequate.

"Revolut is calling for Meta to commit to the reimbursement of fraud victims, arguing its data sharing initiative with UK banks and financial institutions falls woefully short of what's required to tackle fraud globally," the UK fintech firm said in a statement.

Meta, the parent company of Facebook, Instagram and WhatsApp, unveiled in a press release on Wednesday a partnership with British banks NatWest and Metro Bank designed to help protect customers against cyber fraud—including fake job, purchase or identity scams—by sharing data.

But with a Revolut consumer security and financial crime report showing that Meta platforms are the source of 62 percent cyber fraud attacks reported to the UK firm, Revolut's head of financial crimes Woody Malouf said "these are baby steps when what the industry really needs is giant steps forward" to tackle such scams.

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