TSB is urging Meta, the company behind Facebook, Instagram, and WhatsApp, to do its part in mitigating the fraud scams in the social media space.
The bank says that millions of users can lose $250 million if the tech giant doesn't intervene in this widespread case.
TSB Wants Meta to Start Acting Against Fraud Scams
The latest report says that 80% of the fraud incident are involved with Meta.
A major UK bank has revealed that victims could face losses amounting to $250 million this year due to fraudulent activities on Facebook, Instagram, and WhatsApp.
As per TechRadar, the bank's CEO has personally written to the parent company of these tech platforms, Meta, urging immediate action to combat the escalating levels of scams occurring on social media.
In response, the bank has put forward a set of recommendations that it believes Meta should implement to safeguard consumers:
- Implementing a secure payment method on Facebook Marketplace to ensure safer transactions.
- Prohibiting unregulated companies in the UK from advertising financial products and investments, including cryptocurrencies, on Facebook and Instagram.
- Making a commitment to investigate and remove fraudulent content within a 24-hour timeframe promptly.
- Employing filters and blocks to identify and prevent obviously fraudulent posts, such as those utilizing phrases like "crypto offer."
- Notifying WhatsApp users about new contacts and advising them to verify the legitimacy of the communication.
Based on existing fraud levels and industry data, TSB, the UK bank, has estimated that scams originating from Meta platforms could result in losses of up to $250 million for UK households in the current year.
Last year alone, there were approximately 70,000 instances of purchase fraud on Facebook Marketplace, equating to nearly 200 daily incidents.
Related Article: TSB Bank Warns About Get-Rich-Quick Scams on Meta-Owned Platforms! Here's How to Spot Them
Not the First Time For TSB to Call Out Meta
Previously, TSB has called on Meta to share responsibility for compensating victims who have fallen prey to scams on Facebook, WhatsApp, or Instagram. The bank believes that introducing a secure payment mechanism could significantly reduce fraudulent activities on Facebook Marketplace, where transactions currently bypass recognized payment systems, enabling direct transfers from victims to fraudsters.
"Meta needs to face up to its responsibility: it has a duty of care to the millions of customers who use its platforms, which is all the more important when we see innocent people lose life-changing sums every day," TSB's director of fraud prevention Paul Davis said via The Guardian.
In relation to this, a Meta spokesperson said that scammers are becoming smarter in carrying out attacks on customers. Some of the fraud-launching schemes are done via SMS, email, and even offline services.
How to Avoid Meta Fraud Scams
Meta previously cautioned the consumers to be aware of the messages they are receiving on the platform. It's also important to note that the legit emails only come from its official email address @facebookmail.com or @mail.instagram.com.
Additionally, don't click any links you think have viruses. As a bonus tip, you should also refrain from responding to emails that might have data-stealing malware.
Read Also: FTC Warns of PayPal, MetaMask Phishing Scams: Here's How to Avoid Them
