Meta Platforms Are ‘Hotbed’ for Financial Scams Says Revolut
- About 60% of reported UK scams came from sites like Instagram
- Finance firms must reimburse push-payment victims from October
Revolut found 60% of UK scam cases came from Facebook, Instagram and WhatsApp.
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Most scams reported to finance app Revolut Ltd. in the UK last year started their journey on Meta Platforms Inc. social media, with most money lost to “get-rich-quick” investment schemes.
The London-based fintech found 60% 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% of scams originated on Meta services.