Facebook, WhatsApp and Instagram scams: Most financial scams via Meta-owned companies, according to TSB
Social media users have been advised on how to avoid scams on platforms including Facebook, Instagram and Whatsapp.
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Facebook, WhatsApp and Instagram are three of the most-targeted companies when it comes to financial scams, TSB has analysed. The bank found 80% of its cases within the three biggest fraud categories came through Meta-owned companies.
The findings come after TSB conducted its own analysis from internal data over the last two years. The bank’s biggest fraud categories include purchase, impersonation and investment fraud by case load/volume.
Following the findings, TSB fraud experts are warning users to keep an eye out for random messages. These random messages could fall into one of the three biggest fraud categories.
How to avoid scams
TSB experts have also warned social media users to stick to investing in recognised investment platforms and to avoid get rich quick schemes that are common on social platforms. In particular, fraud experts have warned users to avoid falling for random messages claiming to be from family or friends.
TSB fraud experts have instead insisted social media users should contact the family member or friend being impersonated directly. You should do this before transferring money to them.
Social media warning
Paul Davis, director of fraud prevention at TSB, said: "Social media companies must urgently clean up their platforms to protect the countless innocent people who use their services every day. In the meantime, we are urging the public to remain cautious of potential scam content - and to spread the word to help protect those around you."
Meta takes steps against scams
A spokesperson for Meta, the company that owns social media platforms such as Facebook, Instagram and WhatsApp, has said they are taking action. The company has joined with Stop Scams UK to launch a WhatsApp awareness campaign called “Stop. Think, Call.”.
As well as this, companies that take to Meta platforms to advertise financial services now have to undergo checks. If targeting users in the UK, advertisers have to be authorised by the Financial Conduct Authority (FCA).
A Meta spokesperson said: "This is an industry-wide issue. Scammers are using increasingly sophisticated methods to defraud people in a range of ways including email, SMS, and offline.
"We don't want anyone to fall victim to these criminals which is why our platforms have systems to block scams, financial services advertisers now have to be FCA authorised and we run consumer awareness campaigns on how to spot fraudulent behaviour. People can also report this content in a few simple clicks and we work with the police to support their investigations."