HT TECH wants to start sending you push notifications. Click allow to subscribe

Facebook, Instagram and WhatsApp - Meta's Apps Are ‘Hotbed’ for Financial Scams, Revolut Says

Most scams reported to finance app Revolut started their journey on Meta Platforms apps like Facebook, Instagram and WhatsApp, with most money lost to “get-rich-quick” schemes.

By: BLOOMBERG
Updated on: Feb 09 2024, 07:08 IST
The London-based fintech found 60% of UK scam cases came from Meta platforms. (unsplash)

Most scams reported to finance app Revolut Ltd. in the UK last year started their journey on Meta Platforms Inc. social media, with most money lost to “get-rich-quick” investment schemes. The London-based fintech found 60% of UK scam cases came from Facebook, Instagram and WhatsApp, dwarfing other platforms and frauds conducted by telephone. Revolut found a similar trend across Europe, where 61% of scams originated on Meta services.

Woody Malouf, Revolut’s head of financial crime, said Meta platforms were “being used as a hotbed for scams,” and urged Revolut customers to avoid so-called investment opportunities. “Banks and financial institutions should be the last line of defence, not the only line of defence.”

You may be interested in

Mobiles Tablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
₹148,900₹159,900
Buy now
23% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
₹115,999₹149,999
Buy now
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
₹106,998
Check details
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage
₹87,900
Check details
21% OFF
Acer Swift Go SFG14 41 NX KG3SI 002 Laptop
  • Pure Silver
  • 8 GB RAM
  • 512 GB SSD
₹58,990₹74,999
Buy now
39% OFF
Acer Aspire 5 A515 57G Laptop
  • Gray
  • 16 GB RAM
  • 512 GB SSD
₹54,949₹89,999
Buy now
22% OFF
Acer Aspire 3 A315 24 NX KDESI 004 Laptop
  • Silver
  • 8 GB RAM
  • 512 GB SSD
₹33,499₹42,999
Buy now
39% OFF
Asus VivoBook 15 X515JA BQ322WS Laptop
  • Transparent Silver
  • 8 GB RAM
  • 512 GB SSD
₹31,490₹51,990
Buy now
34% OFF
Xiaomi Pad 6
  • Mist Blue
  • 6 GB RAM
  • 128 GB Storage
₹26,299₹39,999
Buy now
55% OFF
Lenovo Tab M10 5G
  • Abyss Blue
  • 6 GB RAM
  • 128 GB Storage
₹20,999₹47,000
Buy now
32% OFF
Realme Pad 2
  • Imagination Grey
  • 6 GB RAM
  • 128 GB Storage
₹19,790₹28,999
Buy now
Honor Pad X9
  • Gray
  • 4 GB RAM
  • 128 GB Storage
₹14,999
Check details

We are on WhatsApp Channels. Click to join. 

Also read: Looking for a smartphone? To check mobile finder click here.

Malouf appeared alongside finance and technology executives this week at the UK’s home affairs committee in parliament, which is scrutinizing the surge in authorized push payment fraud. These scams trick customers into moving their money to accounts controlled by criminals and were responsible for almost £500 million in losses in 2022, according to the Payment Systems Regulator. 

Starting in October, payment firms that allow fraudulent payments to be sent and received must reimburse victims, unless they can show they were grossly negligent. 

The rule change will affect newer, smaller finance companies in particular. The PSR found Monzo, Starling and Metro Bank Holdings Plc were among firms with the greatest proportion of APP fraud, with over 100 frauds per million transfers sent.  

Tech companies, meanwhile, signed a voluntary online fraud charter last year to try and block more scams from reaching customers. Starling and others have complained that Meta isn’t doing enough about the problem. 

Also, read these top stories today:

Cookies are crumbling! The little data files that helped companies stalk users around the web are vanishing. But that doesn’t mean a return to privacy. Some interesting details in this article. Check it out here.

Meta will challenge the EU! Meta announced on Wednesday it would challenge in court an EU demand for fees under a content moderation law, which is the EU's legal weaponry to rein in Big Tech. Read all about it here.

Microsoft to cut more jobs! The FTC seeks a response after Microsoft's plans surfaced revealing that the Satya Nadella-led company aims to cut 1900 jobs from the newly acquired Activision Blizzard. Dive in here.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on ,Twitter, Facebook, , and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 09 Feb, 07:08 IST

Sale

Mobiles Tablets Laptops
4% OFF
Samsung Galaxy S24 Ultra
  • Titanium Black
  • 12 GB RAM
  • 256 GB Storage
₹129,999₹134,999
Buy now
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
₹148,900₹159,900
Buy now
13% OFF
Xiaomi 14
  • Matte Black
  • 12 GB RAM
  • 512 GB Storage
₹69,999₹79,999
Buy now
10% OFF
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage
₹80,590₹89,900
Buy now
33% OFF
Xiaomi Pad 6
  • Mist Blue
  • 6 GB RAM
  • 128 GB Storage
₹26,999₹39,999
Buy now
38% OFF
Lenovo Tab M10 5G
  • Abyss Blue
  • 6 GB RAM
  • 128 GB Storage
₹20,999₹34,000
Buy now
28% OFF
Realme Pad 2
  • Imagination Grey
  • 6 GB RAM
  • 128 GB Storage
₹17,999₹24,999
Buy now
11% OFF
Samsung Galaxy Tab S9 5G 256GB
  • Graphite
  • 8 GB RAM
  • 256 GB Storage
₹96,999₹108,699
Buy now
27% OFF
Infinix INBook X1 Neo XL22 Laptop Intel Celeron Quad Core 8 GB 256 GB SSD Windows 11
  • Blue
  • 4 GB RAM
  • 128 GB SSD
₹21,990₹29,990
Buy now
30% OFF
Asus TUF Gaming F15 FX507ZE HN038W Laptop
  • Mecha Gray
  • 16 GB RAM
  • 512 GB SSD
₹59,990₹85,990
Buy now
29% OFF
Asus TUF Gaming A15 FA566II HN233T Laptop
  • Fortress Gray
  • 16 GB RAM
  • 512 GB SSD
₹53,990₹75,990
Buy now
31% OFF
Asus TUF Gaming F15 FX506HE BHN245T Laptop
  • Black
  • 16 GB RAM
  • 512 GB SSD
₹55,990₹80,990
Buy now
NEXT ARTICLE BEGINS