Meta platforms are ‘hotbeds’ for financial scams, says Revolut exec

60 per cent of scams in the UK reported to Revolut came from Instagram, Fscebook and Whatsapp, the fintech said

Tech companies, meanwhile, signed a voluntary online fraud charter last year to try and block more scams from reaching customers, with some institutions complaining have that Meta isn’t doing enough. Picture: Bloomberg

Most scams reported to finance app Revolut in the UK last year started their journey on Meta’s social media platforms, with most money lost to “get-rich-quick” investment schemes.

The London-based fintech found 60 per cent of UK scam cases came from Facebook, Instagram and WhatsApp, dwarfing other platforms and frauds conducted by telephone. Revolut found a similar trend across Europe, where 61 per cent of scams originated on Meta services.

Woody Malouf, Revolut’s head of ...