Most of the fraud reported to financial applications Revolution Ltd. inside it great Britain Last year they started their journey in social network from Meta Platform Inc.

The London company found that in 60% of cases hoax inside it great Britain came from Facebook, Instagram And What is itexceed others platforms and fraud committed over the telephone. Revolution found similar trends across Europe, where 61% fraud comes from services Target.

Woody Maloufresponsible for financial crimes Revolutionsay that Meta platforms is “used as a breeding ground for fraud”and urge customers Revolution to avoid supposed investment opportunities. “Banks and financial institutions should be the last line of defense, not the only one.”

Malouf appeared this week along with executives from the financial and technology sectors before the domestic affairs commission British Parliamentwho analyzes the resurrection official push payment scam. These scams trick customers into transferring their money to accounts controlled by criminals. and responsible for nearly $650 million in losses in 2022, according to the payments systems regulator.

From Octoberpayment companies that allow sending and receiving fake payment They must reimburse victims unless they can prove they committed gross negligence.

These regulatory changes will primarily impact newer and smaller financial institutions. He PSR he found it Monzo, Starling And Metro Bank Holdings Plc including companies with the highest proportion Application fraudwith more than 100 frauds per million transfers sent.

Tech companies, for their part, signed a voluntary letter last year in opposition online fraud to try to prevent more fraud from reaching customers. Starling and other companies have complained about it Target You’re not doing enough to solve the problem.

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