Over the past year, financial institutions around the world have sounded the alarm about the rise of investment scams on social media, particularly on Facebook, Instagram, and WhatsApp.
According to the app, called Revolut, 60 percent of all scam cases reported to it in the UK in 2023 originated on Facebook, Instagram, and WhatsApp.
33 percent of the total value of all money lost to scams began on these platforms, too.
To make matters worse, Revolut also says that the prevalence of these Facebook scams is on the rise, shooting up from 52 percent of all reported cases over the first half of 2023 to 66 percent in the second half of the year.
While financial institutions are doing what they can to protect their customers from the impact of this fraud, it's clear that Facebook needs to take on a much larger role cutting them off at the source.
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This Cyber News was published on facecrooks.com. Publication date: Thu, 08 Feb 2024 20:43:04 +0000