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.
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.
Woody Malouf, Group Head of Financial Crime at Revolut, Source: LinkedIn
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.
.@RevolutApp Data Reveals Meta Platforms Remain ‘Hotbed’ for Scams; Warns Customers to Avoid Get-rich-quick “Investment Opportunities”.
Read more: https://t.co/HLHnp1MeCB#cybersecurity #scamalert #fintech #finance #FinancialIT
— Financial IT (@financialit_net) February 8, 2024
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.”
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.
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.
Woody Malouf, Group Head of Financial Crime at Revolut, Source: LinkedIn
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.
.@RevolutApp Data Reveals Meta Platforms Remain ‘Hotbed’ for Scams; Warns Customers to Avoid Get-rich-quick “Investment Opportunities”.
Read more: https://t.co/HLHnp1MeCB#cybersecurity #scamalert #fintech #finance #FinancialIT
— Financial IT (@financialit_net) February 8, 2024
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.”
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- Source: https://www.financemagnates.com//fintech/revolut-exposes-meta-platforms-as-root-of-60-of-uk-scams/
