“TSB Analysis Reveals Increasing Financial Fraud on Meta-Owned Social Media Sites”

TSB analyzed its internal data and found fraud cases in the top three fraud categories that came from Meta-owned social media sites.

An increasing amount of financial fraud is taking place across social media platforms such as Facebook, WhatsApp and Instagram, according to an analysis by a leading bank, as reported by Sky News.

TSB said 80% of its cases within the three largest fraud categories came through Meta-owned companies after analyzing its own internal data over a two-year period.
These fraud categories are buying, impersonation, and investment fraud by case size/size.

TSB fraud experts warned users to watch out for spam messages claiming to be from family or friends and advised to directly contact the person concerned before transferring money to them.

The British bank also told those new to investing to stick to recognized investment platforms, and to avoid prominent “get-rich-quick” schemes on social media.

After launching guarantee fraud recovery in 2019, TSB has repaid 97% of those involved in fraud cases – except for those who were involved in fraud themselves or those who abused the guarantee.

Paul Davis, director of fraud prevention at TSB, said: “Social media companies urgently need to clean up their platforms to protect the countless innocent people who use their services every day.

“In the meantime, we urge the public to be vigilant about potentially fraudulent content and spread the word to help protect those around you.”

Meta says it is taking action and has joined Stop Strips UK to launch an awareness campaign via WhatsApp – Stop. He thinks. communicate.

Financial service advertisers on Meta platforms targeting users in the UK are now required to obtain authorization from the Financial Conduct Authority (FCA).

A Meta spokesperson said: “This is an industry-wide problem and scammers are using increasingly sophisticated tactics to defraud people in a variety 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 in place to prevent scams, financial services advertisers are now required to be authorized by the Financial Conduct Authority (FCA) and we run consumer awareness campaigns on how to spot behavior fraudulent.

“People can also report this content with a few simple clicks and we are working with the police to support their investigation.”