The trend exhibited a rise from 52% in the first half to a daunting 66% by December 2023.
The data shows that 61% of EEA scams are linked to Meta platforms, mirroring the UK's situation.
In
a revelation, Revolut has unveiled concerning data regarding the prevalence of
scams originating from Meta platforms in the UK and across Europe in 2023.
According to the findings, a staggering majority of reported scam cases and
substantial monetary losses can be traced back to Facebook, Instagram, and
WhatsApp, all under the Meta umbrella.
European
Trends Mirror UK: 61% of EEA Scam Cases Linked to Meta Platforms
Revolut's
analysis for 2023 highlights that 60% of all reported scam cases in the UK were
initiated from Meta platforms, with a concerning 33% of the total value lost to
scams originating from these social media giants.
The trend, unfortunately,
shows an alarming increase, surging from 52% in the first half of the year to a
daunting 66% by the end of December 2023.
This
worrying trend isn't confined to the UK alone. Across Revolut's European
markets, a significant 61% of all reported scam cases within the European
Economic Area (EEA) stemmed from Meta platforms, accounting for 37% of the
total value lost to scams.
Further
dissecting the data, Revolut's analysis reveals that while investment scams
represented a mere 17% of the total number of cases, they accounted for a
staggering 59% of all money lost online in 2023. This highlights the severity
of the issue, indicating that despite being fewer in number, investment scams
result in substantial financial losses, often altering the lives of those
affected.
Conversely,
purchase scams emerged as the most common type of fraud, constituting 50% of
all UK cases throughout the year. However, these scams accounted for less than
6% of the overall value lost, underscoring the disproportionate impact of
investment scams in monetary terms.
Revolut's
Defensive Measures
Woody
Malouf, the Group Head of Financial Crime at Revolut, emphasized the gravity of
the situation, addressing the Home Affairs Select Committee on fraud. Malouf
expressed deep concern over the exploitation of Meta platforms as breeding
grounds for scams, particularly investment-related frauds that lead to
significant financial devastation.
In
response to the escalating threat, Revolut has invested
substantial resources in fortifying its defenses against cyber fraud, resulting
in savings of over £200 million for its customers in potentially fraudulent
transactions in 2022 alone.
“We
are fully determined to protect our customers as best we can through our fraud
prevention technologies, but there is no denying that this is an issue that
also needs to be tackled at source to have any hope of being beaten," added
Malouf. “Banks and financial institutions should be the last line of defense,
not the only line of defense.”
In
a revelation, Revolut has unveiled concerning data regarding the prevalence of
scams originating from Meta platforms in the UK and across Europe in 2023.
According to the findings, a staggering majority of reported scam cases and
substantial monetary losses can be traced back to Facebook, Instagram, and
WhatsApp, all under the Meta umbrella.
European
Trends Mirror UK: 61% of EEA Scam Cases Linked to Meta Platforms
Revolut's
analysis for 2023 highlights that 60% of all reported scam cases in the UK were
initiated from Meta platforms, with a concerning 33% of the total value lost to
scams originating from these social media giants.
The trend, unfortunately,
shows an alarming increase, surging from 52% in the first half of the year to a
daunting 66% by the end of December 2023.
This
worrying trend isn't confined to the UK alone. Across Revolut's European
markets, a significant 61% of all reported scam cases within the European
Economic Area (EEA) stemmed from Meta platforms, accounting for 37% of the
total value lost to scams.
Further
dissecting the data, Revolut's analysis reveals that while investment scams
represented a mere 17% of the total number of cases, they accounted for a
staggering 59% of all money lost online in 2023. This highlights the severity
of the issue, indicating that despite being fewer in number, investment scams
result in substantial financial losses, often altering the lives of those
affected.
Conversely,
purchase scams emerged as the most common type of fraud, constituting 50% of
all UK cases throughout the year. However, these scams accounted for less than
6% of the overall value lost, underscoring the disproportionate impact of
investment scams in monetary terms.
Revolut's
Defensive Measures
Woody
Malouf, the Group Head of Financial Crime at Revolut, emphasized the gravity of
the situation, addressing the Home Affairs Select Committee on fraud. Malouf
expressed deep concern over the exploitation of Meta platforms as breeding
grounds for scams, particularly investment-related frauds that lead to
significant financial devastation.
In
response to the escalating threat, Revolut has invested
substantial resources in fortifying its defenses against cyber fraud, resulting
in savings of over £200 million for its customers in potentially fraudulent
transactions in 2022 alone.
“We
are fully determined to protect our customers as best we can through our fraud
prevention technologies, but there is no denying that this is an issue that
also needs to be tackled at source to have any hope of being beaten," added
Malouf. “Banks and financial institutions should be the last line of defense,
not the only line of defense.”
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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👍 Facebook: https://www.facebook.com/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa