Recent forecasts have revealed that households in the UK are set to lose a total of over £250m 2023 as a result of various scams being run on platforms owned by social media giant Meta.
The retail and commercial bank TSB released this startling research, and has pleaded with Meta to begin taking action to combat the ever-increasing levels of fraud on platforms such as Facebook, Instagram and WhatsApp. The bank has suggested a five-step plan Meta can carry out to improve safety for users of its platforms.
Reportedly, over 70,000 fraudulent purchases took place on Facebook marketplace last year. TSB has noted that these transactions do not occur through a secure payment system, and has pleaded with Meta to improve its security measures for users. Similar previous research from Lloyds Banking Group suggested that over two thirds of UK online shopping scams originate from Facebook or Instagram.
Similarly, messaging service WhatsApp has also been a hotspot for fraudsters aiming to take advantage of users by assuming the role of loved ones. Commonly known as ‘Hi Mum’ scams, WhatsApp scammers tend to impersonate loved ones and ask for large sums of money to help solve a fake emergency problem.
However, many victims of these forms of damaging fraud have found that responses and support from Meta has been lacking. In response, Lucy Powell, the shadow digital, culture, media and sport secretary, has argued:
“It’s time for [Meta] to stop bowing to vested interests, and stand up for consumers and victims.”
The easiest way to avoid falling victim to a social media scam that may be costly to you is by refusing to finalise any monetary transaction when you are not entirely convinced by its legitimacy.
However, if you are looking to use platforms like Facebook and Instagram to help advertise your perfectly legitimate products and services, you may be interested in using tools like Facebook Ads to help reach your target audience. Speak to our expert team at Engage Web today to learn more.
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