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3 out of 5 frauds come from Meta

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Appearing in a Parliamentary session the other day, Woody Malouf, Revolut’s head of financial crime, said Meta platforms were “being used as a hotbed for scams” and estimated that 3 out of 5 scams are being generated by Facebook, Instagram and WhatsApp

I’ve no idea about your experience but my experience is that anything I book or buy on Meta’s platforms is generally awful. The result? I no longer order anything through their services. Why would you if the order is always awful?

The thing is that this is not an insignificant thing. You lose a pound here or there, it’s no big deal but, if you put it altogether, the UK Payment Systems Regulator estimates that the accumulated losses in social scams was half a billion pounds ($500,000,000) in 2022.

This is why the law is changing and in the UK, starting in October, payment firms that allow fraudulent payments to be sent and received must reimburse victims, unless they can show they were grossly negligent. This is particularly relevant to challenger banks and payment firms, as their exposures are greater than traditional banks according to the stats.

But going back to basics, you have to wonder how Meta manages its services.

In this area, I’m talking finance but, in more general discussions, how many teenagers are being subject to cyberbullying and self-harm messages? How many people are being sucked into fraud and romance scams?

The interesting dialogue is that we began two decades ago with social networks and yet, today, they feel like antisocial networks. Meta’s empire is encouraging people to be ripped off, lose money, be duped and commit suicide. What are thye doing about it?

This is a big question that should be shouted at Sir Nick Clegg, the former Liberal Democrat leader and former Deputy Prime Minster of the UK. Nick is now the head of global affairs for Meta. NICK: WHAT ARE YOU DOING ABOUT THIS?

Nick replies in a Medium column by saying that “technology must serve society, not the other way around”.

This is true. Our use of Meta platforms is under our control. Having said that, if three out of five frauds are generated by Meta, and teenagers are dying due to their platforms, should we not take more action?

If you’re interested, you can watch the Parliamentary session with Revolut here and, if you’re wondering about the suicides and murders caused by Meta platforms, checkout these two stories about Brianna Ghey and Molly Russell.

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Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

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