More than half of scams involve Facebook, Instagram or WhatsApp as fraudsters successfully use social media, mobile networks and email to target victims, it warns a new report.
The platforms – owned by social media giant Meta Meta – were involved in 54 per cent of fraud incidents last year and were linked to £1 in every £5 lost to fraud, according to the Payment Management Provider (PSR).
Meta platforms were also used in 31 percent of romance scams – more than all dating websites, according to the PSR.
Hoax calls and text messages were used in 12 percent of fraud cases, but accounted for 31 percent of deaths.
Catching ground: Facebook, Instagram or WhatsApp were involved in 54% of scams last year and linked to £1 in every £5 lost to scams.
Emails were involved in only 2 percent of scams, but caused 10 percent of lost revenue.
The biggest losses came from investment fraud. These are 6 percent of frauds, but 23 percent of all deaths.
Money Mail is campaigning to tackle the scourge of social media fraud and is calling on tech companies to do more to protect their users.
A spokesperson for Meta said: ‘Comprehensive responses to organized crime require more cross-industry action.
We are investing not only in improving search technology, but also working with law enforcement and financial institutions.’
