Meta platforms identified as hotspot for scammers

Luke Meredith

A new study has revealed that the majority of all scams currently take place through the social media platforms Facebook, Instagram and WhatsApp – all owned by social media giant Meta.

The report by the Payment Systems Regular (PSR) found that 54% of all scam incidents involved one of the apps, while £1 of every £5 lost in a scam was last through one of these platforms. Furthermore, it was found that the three apps combined for more romance- or dating-related scams than every single major dating website combined.

In terms of other types of scams, around 12% of cases involved fraudulent text messages and calls. However, these types made up around 31% of all money lost in scams, highlighting a much more dramatic impact.

Similarly, scams taking place via email only accounted for 2% of all scams, but resulted in around 10% of all money lost. Investment scams were another costly method; while they only made 6% of the total number of scams, they caused up to 23% of money lost.

Meta is now experiencing pressure from financial security groups such as Money Mail to put more stringent measures in place to protect its users from dangerous and costly scams. A spokesperson for Meta has suggested that plans are in place to do just that. They said:

“We’re investing not only in improvements to detection technology, but also work with law enforcement and financial institutions.”

Social media has been a hub for scammers, frauds and bullies for many years now. At Engage Web, we’ve designed a helpful guide for finding the identity of Facebook users who use the platform to harass others through a veil of anonymity. To access this guide, as well as a wide range of helpful social media and marketing content, be sure to sign up for our exclusive learning platform EngageWeb.Club today.

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Luke Meredith

Content Editor at Engage Web

At home in both the digital sector and the world of communications, Luke thrives on deadlines and has held roles in healthcare, retail and digital marketing, gaining a sound knowledge of a wide range of sectors. He’s a massive swot as well, holding a first-class degree in BA Communication and Media, and now uses his writing skills and keen editorial eye in his role as Content Editor here. Luke helps to oversee our clients’ content requirements, while also looking after a pool of freelance writers across three continents.

Meta platforms identified as hotspot for scammers