Facebook and WhatsApp owner urged by UK bank to act on fraud as scams soar
Meta has been urged to take action to protect customers from fraud, after TSB said scams via the social media company’s platforms Facebook, WhatsApp and Instagram have soared.
The UK bank said there had been a huge jump in the number of scams originating from Meta-owned sites and apps, releasing research that shows they now account for 80% of cases within TSB’s three largest fraud categories: impersonation, purchase and investment.
Its findings follow the announcement on Tuesday of a government crackdown on scammers in response to the massive growth of web-based fraud, including a ban on technology that allows mass texting of numerous phones.
Paul Davis, the 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 to potential scam content – and to spread the word to help protect those around you.
“It’s high time that social media and telephone companies took financial liability for the rising levels of fraud taking place on their platforms.”
Impersonation scams originating on Meta’s platforms accounted for 86% of cases in that category recorded by TSB between 2021 and 2022, with two-thirds of those incidents coming from WhatsApp.
“Family and friends” fraud cases via the mobile messaging platform rocketed by 300% in a year, according to TSB analysis of its fraud data, and the bank refunded more than 550 victims.
The scam involves a con artist posing as a friend or relative of the victim. They get in touch via WhatsApp or another messaging platform and gain the target’s trust before asking for money.
TSB warned consumers to be vigilant to any
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