TSB has issued a warning on the scale of scams taking place through social media platforms such as Facebook, WhatsApp and Instagram, as the bank warned a significant proportion of the cases it sees have been coming through these channels. It said that its own internal data indicates scams that come through these Meta-owned companies account for around 80 per cent of its overall fraud cases.
Purchase, impersonation and investment fraud are the three biggest fraud categories at TSB by case load/volume. The bank analysed its customer fraud data from January 2021 to December 2022 to make the findings and relates to cases where the platform has been recorded.
TSB fraud experts are urging people to watch out for unsolicited messages claiming to be from family, or close friends and advise contacting the person directly, if possible, before ever sending a payment. They are also urging potential investors to stick to recognised investment platforms and to steer clear of social media ‘get-rich-quick’ schemes.
