In a revelation, Revolut has unveiled concerning data regarding the prevalence of scams originating from Meta platforms in the UK and across Europe in 2023. According to the findings, a staggering majority of reported scam cases and substantial monetary losses can be traced back to Facebook, Instagram, and WhatsApp, all under the Meta umbrella.
European Trends Mirror UK: 61% of EEA Scam Cases Linked to Meta Platforms
Revolut’s analysis for 2023 highlights that 60% of all reported scam cases in the UK were initiated from Meta platforms, with a concerning 33% of the total value lost to scams originating from these social media giants. The trend, unfortunately, shows an alarming increase, surging from 52% in the first half of the year to a daunting 66% by the end of December 2023.
This worrying trend isn’t confined to the UK alone. Across Revolut’s European markets, a significant 61% of all reported scam cases within the European Economic Area (EEA) stemmed from Meta platforms, accounting for 37% of the total value lost to scams.
Further dissecting the data, Revolut’s analysis reveals that while investment scams represented a mere 17% of the total number of cases, they accounted for a staggering 59% of all money lost online in 2023. This highlights the severity of the issue, indicating that despite being fewer in number, investment scams result in substantial financial losses, often altering the lives of those affected.
Conversely, purchase scams emerged as the most common type of fraud, constituting 50% of all UK cases throughout the year. However, these scams accounted for less than 6% of the overall value lost, underscoring the disproportionate impact of investment scams in monetary terms.
Revolut’s Defensive Measures
Woody Malouf, the group head of financial crime at Revolut, emphasized the gravity of the situation, addressing the Home Affairs Select Committee on fraud. Malouf expressed deep concern over the exploitation of Meta platforms as breeding grounds for scams, particularly investment-related frauds that lead to significant financial devastation.
In response to the escalating threat, Revolut has invested substantial resources in fortifying its defenses against cyber fraud, resulting in savings of over £200 million for its customers in potentially fraudulent transactions in 2022 alone.
“We are fully determined to protect our customers as best we can through our fraud prevention technologies, but there is no denying that this is an issue that also needs to be tackled at source to have any hope of being beaten,” added Malouf. “Banks and financial institutions should be the last line of defense, not the only line of defense.”
