Meta Platforms Under Fire as Revolut Sounds Fraud Alarm

The latest global fraud report from Revolut highlights the significant role that social media platforms, particularly those owned by Meta, play in facilitating online scams. This report, now in its third edition, sheds light on the growing sophistication and scale of financial crime in the digital landscape. Over half of all fraud cases reported to Revolut in the second half of 2024 originate from Meta's platforms, including Facebook, Instagram, and WhatsApp.

Facebook Dominates Grim Ranking

Facebook continues to lead in reported fraud cases, accounting for 28% of them. More concerning is the rising trend of fraud via encrypted messaging apps, particularly WhatsApp and Telegram, which together represent 39% of all reported scams. Telegram experienced a staggering 121% increase in fraud incidents, while WhatsApp-related cases rose by 67% during the same period.

Profiteering from Misery

Revolut, serving over 50 million customers worldwide, criticizes social media platforms for their apparent indifference to the issue. The company calls for more than superficial interventions, advocating for robust and coordinated measures. These include stricter advertiser verification protocols, proactive removal of scam content, and shared responsibility for compensating victims of fraud.

Woody Malouf, Revolut's Head of Financial Crime, expressed his concerns: "Fraudsters are rapidly adapting their tactics, increasingly exploiting supposedly secure encrypted messaging apps like WhatsApp and Telegram. Despite repeated calls from Revolut and other financial institutions, social media platforms are failing to address the fraud plaguing their users. Their inaction is not just negligent; it’s a direct enabler of financial crime."

Fraud Patterns Remain Persistent

While fraud tactics continue to evolve, certain patterns remain unchanged. Purchase scams, particularly ticket scams, are prevalent among younger users. Consumers aged 17–24 and 25–34 account for nearly three-quarters of these incidents, highlighting the exploitation of trust and tech-savviness among digitally native generations.

In 2024 alone, Revolut prevented over £600 million in attempted fraud through its in-app safeguards, AI-driven monitoring tools, biometric checks, and real-time alerts. However, the company insists that the financial sector cannot tackle this crisis alone. Without meaningful cooperation from social media platforms, fraud will continue to proliferate unchecked.

Revolut's message is clear: encryption does not equal safety, and digital platforms must no longer serve as passive conduits for crime. Instead, they must become active participants in fraud prevention. Anything less, Revolut suggests, is a tacit endorsement of the problem.

In conclusion, the report from Revolut serves as a wake-up call for social media platforms, especially those under Meta's umbrella, to take a more active role in combating online fraud. The persistent and evolving nature of scams underscores the need for coordinated efforts between financial institutions and digital platforms to protect consumers and curb financial crime.