TSB has called on social media companies to “clean up their platforms” after revealing that 8 in 10 scams aimed at its customers could be traced back to WhatsApp, Instagram or Facebook.
The figures come from TSB’s own internal data from the last 2 years.
It said that 80% of the cases across its 3 biggest fraud categories of impersonation; purchase; and investment fraud came via Meta-owned platforms.
The bank urged people to be wary of random messages purporting to be from someone they know; and also to stick to recognised investment platforms, rather than get-rich-quick schemes promoted on social media sites.
“Social media companies must urgently clean up their platforms to protect the countless innocent people who use their services every day,” stated Paul Davis, Director of Fraud Prevention at TSB.
“In the meantime, we are urging the public to remain cautious to potential scam content – and to spread the word to help protect those around you.
“It’s high time that social media and telephone companies took financial liability for the rising levels of fraud taking place on their platforms.”
Impersonation fraud represented 86% of cases recorded by TSB, with the majority of these from WhatsApp.
WhatsApp, too, was the source of the majority of Family and Friends fraud. This is where a fraudster poses as someone their target knows and, after gaining their trust, asks for money.
Facebook was the most prominent platform for purchase fraud – where people are sold something that doesn’t exist. Facebook and Instagram accounted for the majority of investment fraud.
Meta stated that it was taking action and had joined with Stop Scams UK to launch a new WhatsApp campaign.
A spokesperson added:
“This is an industry-wide issue and scammers are using increasingly sophisticated methods to defraud people in a range of ways including email, SMS and offline.
“We don’t want anyone to fall victim to these criminals which is why our platforms have systems to block scams, financial services advertisers now have to be FCA authorised and we run consumer awareness campaigns on how to spot fraudulent behaviour.”
Meta stated that content could be reported “in a few simple clicks” and they were working with the police to support their investigations.
Last year Starling Bank said it was boycotting Facebook and Instagram advertising due to scammers. CEO and Founder, Anne Boden said:
“We want to protect our customers and our brand integrity. And we can no longer pay to advertise on a platform alongside scammers who are going after the savings of our customers and those of other banks.”
