UK Alert: 60% of scams come from social media

60% of financial fraud in the UK comes from social media. (Archives)

more than Tricks Reported for financial application REVOLUTION LIMITED. in it United kingdom Last year they started their journey in social networks to Meta Platforms Inc

The London company discovered that 60% of cases to cheat in it United kingdom came from Facebook, Instagram And WhatsAppsuperior to others Platforms And fraud done over the phone. revolution A similar trend was found across Europe, where 61% of fraud I grew up in services Goal.

Woody MaaloufResponsible for financial crimes revolutionHe said that Meta platforms He was “It is being used as a breeding ground for fraud.”urging customers revolution To avoid supposed investment opportunities. “Banks and financial institutions should be the last line of defence, not the only one.”

In Europe, 61% of fraud comes from platforms owned by Meta Platforms Inc. (EFE)

Maalouf This week he appeared with executives from the financial and technology sectors before Parliament's Home Affairs Committee British Parliamentwhich analyzes the rise Authorized payment fraud. These scams trick customers into transferring their money to accounts controlled by criminals. It was responsible for approximately $650 million in losses in 2022, according to the payment systems regulator.

From OctoberPayment companies that allow sending and receiving Fraudulent payments They must compensate victims unless they can prove they committed gross negligence.

The rule change will primarily affect newer, smaller financial institutions. he BSR Find out Monzo, starling And Metro Bank Holding Company It was among the companies with the highest percentage of Application fraudwith over 100 scams per million conversions sent.

New regulations require payment companies to compensate victims of fraud. (Getty Images)

For their part, technology companies signed a voluntary letter last year against… Online fraud To try to prevent further fraud from reaching customers. starling Other companies have complained about this Goal You are not doing enough to solve the problem.

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