According to a recent report by a major UK bank, TSB, fraud on Facebook, Instagram, and WhatsApp is on track to cost victims £250m this year. This has put parent company Meta under increasing pressure to take action against scams on its platforms. The CEO of TSB has written to the US tech giant, urging them to address the soaring levels of fraud on social media. A growing number of banks and campaigners are also calling on Meta to implement urgent changes in response to concerns about its efforts to police its platforms. TSB has outlined five steps that it believes Meta should take to protect consumers, including introducing a secure payment method on Facebook Marketplace, stopping unregulated firms from advertising financial products on Facebook and Instagram, and committing to investigating and removing fraudulent content within 24 hours. According to estimates from TSB, scams originating on Meta platforms could account for up to £250m of losses to UK households in 2023. The bank has previously urged Meta to share the responsibility for compensating victims who have been scammed on Facebook, WhatsApp, or Instagram. TSB wants Meta to introduce a secure payment mechanism, as at present, Marketplace transactions do not go through a recognised payments system. In response to TSB’s projections, a Meta spokesperson claimed that scammers use increasingly sophisticated methods to defraud people and that their platforms already have systems in place to block scams.
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