More than half of scams involve Facebook, Instagram or WhatsApp, as scammers successfully exploit social media platforms, phone networks and email to target victims, a new report warns.
The platforms, all owned by social media giant Meta, were involved in up to 54 per cent of scam incidents last year and were linked to around £1 in every £5 lost to scams, according to the Systems Regulator. Payment (PSR).
Meta platforms were also used in 31 percent of romance scams, more than all dating websites combined, according to the PSR.
Fraudulent telecom calls and text messages were used in 12 percent of scam cases, but they accounted for 31 percent of losses.
Hunting ground: Facebook, Instagram or WhatsApp were involved in up to 54% of scam incidents last year, and were linked to around £1 in every £5 lost to scams.
Emails were involved in only 2 percent of the scams, but led to the loss of 10 percent of money.
The largest losses were due to investment scams. These accounted for 6 percent of scams, but 23 percent of total losses.
Money Mail is campaigning to tackle the social media fraud epidemic and has called on tech companies to do more to protect their users.
A Meta spokesperson says: ‘Any comprehensive response to organized fraudsters requires broader cross-sector action.
We are not only investing in improvements to detection technology, but also working with authorities and financial institutions.’
