According to an analysis by a leading bank, more and more financial scams are being carried out through social media platforms such as Facebook, WhatsApp and Instagram.
The TSB says 80 percent of its cases in the three major fraud categories come from Yuan-Owned after analyzing its own internal data over a two-year period.
These fraud categories are Purchase, Impersonation, and Investment Fraud by Case Load/Volume.
TSB fraud experts are warning users to be on the lookout for random messages purporting to be from family or friends and recommend contacting the person directly before sending them money.
The British bank also told those new to investing to stick with recognized investment platforms and avoid “get-rich-quick” schemes that are prominent in the market social media.
After introducing fraud guarantee refunds in 2019, the TSB compensated 97 per cent of people involved in its fraud cases – excluding those who themselves participated in the fraud or took advantage of the guarantee.
Paul Davies, director of fraud prevention at the 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 urge the public to be cautious about potentially deceptive content – and spread the word to help protect those around you.”
Meta says it’s taking action and has partnered with Stop Scams UK to launch a WhatsApp campaign – Stop. think. call.
Financial services advertisers on the Meta platform for UK users must now be authorized by the Financial Conduct Authority (FCA).
A Meta spokesperson said: “This is an industry-wide problem and scammers are using increasingly sophisticated methods to defraud people via email, text message and offline.
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“We don’t want anyone to fall victim to these criminals, which is why our platform has systems in place to stop scams, financial services advertisers must now be authorized by the FCA, and we run consumer awareness campaigns on how to spot fraud.
“People can also report this content with a few simple clicks and we will work with police to support their investigation.”