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.”
Klarna’s $46M Fine: Fintech Faces Probe as IPO Looms
Executive Interview with Michael Higgins | Hidden Road & ATFX | FMLS:24
Executive Interview with Michael Higgins | Hidden Road & ATFX | FMLS:24
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Executive Interview with Delphine Forma | Solidus Labs | FMLS:24
Executive Interview with Delphine Forma | Solidus Labs | FMLS:24
🔗 Crypto Regulation and MiCA: The Road Ahead for Brokers and Exchanges 🔗
In this must-watch interview, Delphine Forma, Head of UK and EU Policy at Solidus Labs, breaks down the challenges and implications of crypto regulation in #Europe, including the upcoming implementation of MiCA (Markets in #Crypto-Assets). From fragmented regulatory landscapes to unprepared exchanges, Delphine highlights the urgency for brokers and platforms to align with new frameworks by December 30.
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🔗 Crypto Regulation and MiCA: The Road Ahead for Brokers and Exchanges 🔗
In this must-watch interview, Delphine Forma, Head of UK and EU Policy at Solidus Labs, breaks down the challenges and implications of crypto regulation in #Europe, including the upcoming implementation of MiCA (Markets in #Crypto-Assets). From fragmented regulatory landscapes to unprepared exchanges, Delphine highlights the urgency for brokers and platforms to align with new frameworks by December 30.
#fmls #fmls24 #fmevents
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Executive Interview with Brandon Mulvihill | Crossover | FMLS:24
Executive Interview with Brandon Mulvihill | Crossover | FMLS:24
🔗 Crypto Execution, Market Structure, and the Road Ahead: Insights from Brandon Mulvihill, CEO of Crossover #Markets 🔗
How are #crypto execution venues reshaping the digital asset space for retail and institutional brokers? In this exclusive interview, Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, shares insights on the gaps in market structure, innovations in crypto #trading, and the future of digital asset infrastructure.
With the emergence of ECNs in crypto and declining costs of trading, the digital asset space is maturing rapidly. Discover how macro trends like pro-crypto sentiment, institutional participation, and regulatory optimism are driving growth and reshaping opportunities in the crypto markets.
#fmls #fmls24 #fmevents #digitalassets
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🔗 Crypto Execution, Market Structure, and the Road Ahead: Insights from Brandon Mulvihill, CEO of Crossover #Markets 🔗
How are #crypto execution venues reshaping the digital asset space for retail and institutional brokers? In this exclusive interview, Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, shares insights on the gaps in market structure, innovations in crypto #trading, and the future of digital asset infrastructure.
With the emergence of ECNs in crypto and declining costs of trading, the digital asset space is maturing rapidly. Discover how macro trends like pro-crypto sentiment, institutional participation, and regulatory optimism are driving growth and reshaping opportunities in the crypto markets.
#fmls #fmls24 #fmevents #digitalassets
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interview with Laura Mccracken | MyGuava | FMLS:24
Executive Interview with Laura Mccracken | MyGuava | FMLS:24
💳 #Payments Innovation and #Fintech Trends: Insights from Laura McCracken 💳
In this interview, Laura McCracken, Non-Executive Director at Guava, explores how financial services are evolving through rebundling, the rise of #financial super apps, and embedded finance. As customers demand simplicity, fintech startups are driving innovation in cross-border payments and remittances, with unconventional partnerships—like social media platforms—unlocking new global opportunities. From streamlining payments to integrating services into daily life, the future lies in efficient, unified solutions that deliver value to both businesses and consumers.
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💳 #Payments Innovation and #Fintech Trends: Insights from Laura McCracken 💳
In this interview, Laura McCracken, Non-Executive Director at Guava, explores how financial services are evolving through rebundling, the rise of #financial super apps, and embedded finance. As customers demand simplicity, fintech startups are driving innovation in cross-border payments and remittances, with unconventional partnerships—like social media platforms—unlocking new global opportunities. From streamlining payments to integrating services into daily life, the future lies in efficient, unified solutions that deliver value to both businesses and consumers.
#fmls #fmls24 #fmevents
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Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interview with Sonia Barlow | LMF Network | FMLS:24
Executive Interview with Sonia Barlow | LMF Network | FMLS:24
Diversity, Inclusion, and Entrepreneurship in Fintech: Insights from Sonia, Founder of LMF Network
How can #fintech leaders build inclusive workplaces, retain top talent, and drive meaningful change in 2025? In this engaging interview, Sonia, Founder of the LMF #Network, discusses the importance of #diversity, equity, and upskilling in modern workplaces. From practical tips for scaling businesses to addressing misconceptions about inclusion, Sonia shares actionable insights for leaders, entrepreneurs, and fintech professionals.
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Diversity, Inclusion, and Entrepreneurship in Fintech: Insights from Sonia, Founder of LMF Network
How can #fintech leaders build inclusive workplaces, retain top talent, and drive meaningful change in 2025? In this engaging interview, Sonia, Founder of the LMF #Network, discusses the importance of #diversity, equity, and upskilling in modern workplaces. From practical tips for scaling businesses to addressing misconceptions about inclusion, Sonia shares actionable insights for leaders, entrepreneurs, and fintech professionals.
#fmls #fmls24 #fmevents
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