{"id":12905,"date":"2023-05-05T14:30:45","date_gmt":"2023-05-05T14:30:45","guid":{"rendered":"http:\/\/TheNextWeb=1396172"},"modified":"2023-05-05T14:30:45","modified_gmt":"2023-05-05T14:30:45","slug":"80-of-our-fraud-scams-come-from-metas-platforms-leading-uk-bank-warns","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=12905","title":{"rendered":"80% of our fraud scams come from Meta\u2019s platforms, leading UK bank warns"},"content":{"rendered":"\n
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TSB is urging consumers to remain wary of financial fraud on Facebook<\/a>, Instagram and WhatsApp, as scams through Meta\u2019s platforms are increasing at a worrying pace.<\/p>\n

The UK<\/a> bank analysed<\/a> its internal customer fraud data between 2021 and 2022. It found that the Meta-owned sites and apps account for a whopping 80% of all scam cases within its three biggest fraud categories: purchase, impersonation, and investment fraud.<\/p>\n

Facebook Marketplace is responsible for 60% of TSB\u2019s purchase fraud cases, seeing a 97% year-on-year increase. Remember that vintage table you had to pre-buy because the seller was conveniently in the Bahamas, but swore to deliver upon their return? Yes, that was a scam.<\/p>\n

The bank attributes Facebook\u2019s high numbers to two main factors: minimal vetting of adverts and seller profiles, and the lack of an integrated payment platform that would support secure transactions.<\/p>\n

Meanwhile, impersonation scams \u2014 where \u2018friends\u2019 or \u2018family\u2019 in need ask for money \u2014 are soaring on WhatsApp<\/a>, which has seen a 300% increase in 2022 and accounts for 65% of all cases. This is followed by Facebook and text messages at 13% each.<\/p>\n

Meta\u2019s platforms are also responsible for 87% of all investment fraud cases at TSB. The majority occurred on Instagram<\/a>, which accounted for 67%. Facebook came in second at 22%, followed by non-Meta-owned Snapchat at 9%. The bank advises investors<\/a> to be wary of social media \u201cget rich quick\u201d schemes, and stick to recognised investment platforms.<\/span><\/span><\/p>\n

TSB\u2019s findings follow the announcement of the UK\u2019s new fraud strategy<\/a> earlier this week, as the government is trying to fight back against the growing number of web- and phone-based scams. Fraud is now the most common crime in the country, costing nearly \u00a37bn per year with 1 in 15 people falling victim.<\/p>\n

Some of the measures include the ban of cold calls on financial products, new tech<\/a> to tackle number \u201cspoofing,\u201d and reviewing the use of mass texting services.<\/p>\n

The government is also requiring social media platforms to provide systems that will enable users to find a \u201creport\u201d button with a single click, and then a \u201creport fraud or scam\u201d button. Non-Meta-owned TikTok and Snapchat already offer this option for adverts.<\/p>\n

\u201cSocial media companies must urgently clean up their platforms to protect the countless innocent people who use their services every day,\u201d said<\/a> Paul Davis, Director of Fraud Prevention at TSB. \u201c In the meantime, we are urging the public to remain cautious to potential scam content \u2014 and to spread the word to help protect those around you.\u201d<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TSB is urging consumers to remain wary of financial fraud on Facebook, Instagram and WhatsApp, as scams through Meta\u2019s platforms are increasing at a worrying pace. The UK bank analysed its internal…<\/p>\n","protected":false},"author":1,"featured_media":12906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/12905"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12905"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/12905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/12906"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}