80% of our fraud scams come from Meta’s platforms, leading UK bank warns

[vtqhtr413]

Content source

https://thenextweb.com/news/80-percent-of-fraud-scams-come-from-metas-platforms-uk-bank-warns

TSB is urging consumers to remain wary of financial fraud on Facebook, Instagram and WhatsApp, as scams through Meta’s platforms are increasing at a worrying pace. The UK bank analysed its internal customer fraud data between 2021 and 2022. It found that the Meta-owned sites and apps account for a whopping 80% of all scam cases within its three biggest fraud categories: purchase, impersonation, and investment fraud. Facebook Marketplace is responsible for 60% of TSB’s purchase fraud cases, seeing a 97% year-on-year increase. Remember that vintage table you had to pre-buy because the seller was conveniently in the Bahamas, but swore to deliver upon their return? Yes, that was a scam.

80% of our fraud scams come from Meta’s platforms, leading UK bank warns

TSB reveals that the majority of fraud scams among its customers originate from Meta's platforms: Facebook, Instagram, and WhatsApp.

thenextweb.com

 

[MuzzMelbourne]

So, globally, government's need to ban Meta, Google, TikTok and Android on National and financial security grounds and southern US States need to ban teenager's from using them on personal health grounds?

Sort of a 'perfect storm' for decentralised social media really...

 

[ScandinavianFish]

Getting rid of social media is nothing but a win-win for you, as it's the best way to not only improve your privacy, security, but also your mental health.

 

[MuzzMelbourne]

Getting rid of social media is nothing but a win-win for you, as it's the best way to not only improve your privacy, security, but also your mental health.

I'm afraid MT is pretty much the limit of my social media...

 

[Zero Knowledge]

Sadly people are way too trusting, and this problem will never be solved unless you don't use social media or answer phone calls/texts.

Everyone gets scammed sometime somewhere, usually it's $100 or less but it's a good lesson not to trust anyone on the internet.

However I don't understand how people get scammed out of $100K +, it's just pure greed that makes people send that amount. In the end greed gets you, no matter how big or small you are in society it gets you.

 

[Trident]

Sadly people are way too trusting, and this problem will never be solved unless you don't use social media or answer phone calls/texts.

Everyone gets scammed sometime somewhere, usually it's $100 or less but it's a good lesson not to trust anyone on the internet.

Majority of scammers, specially the more seasoned ones will try and keep the amount below £100 due to the section 75 that provides additional protections on purchases above this amount when credit card is used.
Unfortunately many people don’t do their due diligence and fall for these scams.

The big scams such as the refund scam (widely shown on YT) and others are the ones that aim up high. I am not sure how and why people are falling for them. Banks are not involved in these, they will ask victims to wrap the money in an Amazon box and send them most likely to an AirBNB-rented place (with someone’s stolen information).

 

[Zero Knowledge]

I am not sure how and why people are falling for them.

Greed. People see the news then they see the ads and then receive calls saying, 'You can make 100000% on crypto if you invest with us!'. And they fall for it and get scammed, people just want to get ahead and make easy money, but they do it without researching or understanding the subject matter.

People are also way too trusting especially older age/older generation people, It just goes with the territory. Crypto, Romance, Investment are all huge areas that people are just too trusting in the scam world. Social engineering and similar tactics/practices have been around since Jesus was born and the scammers keep getting more convincing. It's not going to stop, only accelerate because it works. People are way too trusting, it's just the humanity in us.

 

[MuzzMelbourne]

... especially older age/older generation people, It just goes with the territory...

Oi...! Wash your mouth out...