More than half of scams involve Facebook, Instagram or WhatsApp as fraudsters successfully exploit social media platforms, phone networks and email to target victims, a new report warns.
The platforms – all owned by social media giant Meta – were involved in a whopping 54 per cent of scam incidents last year and were linked to around £1 in every £5 lost to scams, according to the Payment Systems Regulator (PSR).
Metaplatforms were also used in 31 percent of romance scams – more than all dating websites combined, according to the PSR.
Fraudulent telecom calls and texts were used in 12 percent of scams, but were responsible for 31 percent of losses.
Hunting ground: Facebook, Instagram or WhatsApp were involved in a whopping 54% of scam incidents last year and were linked to around £1 in every £5 lost to scams
Emails were involved in just 2 percent of scams, but led to 10 percent of money lost.
The largest losses were due to investment fraud. These made up 6 percent of the scams, but 23 percent of the total losses.
Money Mail is campaigning to tackle the social media fraud epidemic and calling on tech companies to do more to protect their users.
A spokesperson for Meta said: ‘Any comprehensive response to organized fraudsters will require broader, cross-sector action.
We are not only investing in improvements to detection technology, but also working with law enforcement and financial institutions.”