Consumers could lose up to $250 million from scams involving Meta in 2023 thanks to worryingly high levels of fraud if the social media behemoth doesn’t intervene, TSB Bank has warned.
The bank’s data showed that in the last month alone, 80% of the fraud cases it registered in its three biggest fraud categories stem from Meta platforms. City AM, which is credited with reporting on TSB’s efforts to get Meta to step up, also highlights the two-thirds of online shopping scams that stem from Meta-owned platforms, including Facebook Marketplace.
