80% of our fraud scams come from Meta’s platforms, leading UK bank warns

TSB is urging consumers to remain wary of financial fraud on Facebook, Instagram and WhatsApp, as scams through Meta’s platforms are increasing at a worrying pace. The UK bank analysed its internal customer fraud data between 2021 and 2022. It found that the Meta-owned sites and apps account for a whopping 80% of all scam cases within its three biggest fraud categories: purchase, impersonation, and investment fraud. Facebook Marketplace is responsible for 60% of TSB’s purchase fraud cases, seeing a 97% year-on-year increase. Remember that vintage table you had to pre-buy because the seller was conveniently in the Bahamas, but…

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