Avoid ‘get-rich-quick’ schemes on Facebook, WhatsApp and Instagram, bank warns | Science and technology news

According to an analysis by a leading bank, more and more financial scams are taking place via social media platforms such as Facebook, WhatsApp and Instagram.

TSB has said that 80% of its cases fall within the top three fraud categories by the Meta-Own companies after analyzing their own internal data over a period of two years.

These scam categories are purchase, knockoff and investment scams by case count/volume.

TSB scam experts have warned users to be on the lookout for random messages claiming to be from family or friends and to contact the person in question directly before transferring any money to them.

The British bank also urged those new to investing to stick to reputable investment platforms and avoid the flashy get-rich-quick schemes social media.

After launching the Fraud Guarantee refund in 2019, TSB refunded 97% of those involved in its fraud cases – excluding those involved in the fraud themselves or those taking advantage of the guarantee.

Paul Davis, Director of Fraud Prevention at TSB, said: “Social media companies urgently need to clean up their platforms to protect the countless innocent people who use their services every day.

“In the meantime, we urge the public to remain cautious of potential fraudulent content – and spread the word to protect those around you.”

Meta says it’s taking action and has partnered with Stop Scams UK to launch WhatsApp awareness campaign – Stop. Think. Financial support.

And financial services advertisers on meta-platforms targeting UK users must now be authorized by the Financial Conduct Authority (FCA).

A meta spokesman said: “This is an industry-wide problem and scammers are using increasingly sophisticated methods to scam people in a variety of ways including email, SMS and offline.

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“We don’t want anyone to fall victim to these criminals, which is why our platforms have fraud blocking systems in place, financial services advertisers are now required to be FCA authorized and we run consumer awareness campaigns to detect fraudulent behaviour.

“People can also report this content with a few simple clicks, and we are working with police to assist in their investigations.”