Scammers go phishing wherever the victims are. In the UK, that means Facebook, Instagram, and WhatsApp, according to Lloyds Bank. It just revealed that Meta platforms account for over two thirds of fraud reports made by its customers.
Writing in The Sunday Times, Lloyds Bank’s fraud prevention director Liz Ziegler said that 68% of fraud reports from its customers start on a Meta-owned platform.
The scams cover everything from fake concert tickets and sporting events to bogus listings for cars, bikes, campervans, mobility vehicles, and rental properties. Lloyds said customers reported losing an estimated £66 million a year after falling victim to scam ads on Meta platforms, up from £27 million in 2023.
The victim demographic isn’t who you’d guess. Lloyds says customers in their late twenties and early thirties—supposed digital natives—are reporting scams at the highest rates.
Lloyds isn’t alone in calling out the tech giant. In 2023, TSB reported that 80% of losses across its three biggest fraud categories began on Meta platforms.
