A bank has issued a warning to social media users over "purchase scams", where victims are conned into paying for things that don't exist.
Analysis from Lloyds Bank found that two thirds of 25 million reported cases of purchase scams originated on the Meta-owned social media platforms Facebook and Instagram. The bank also found that someone falls victim on Meta-owned platforms every seven minutes.
Victims of these types of scams are typically lured in by the promise of cut-price or hard-to-find items that are often advertised on social media. People are then usually asked to send money directly from their account to another account through bank transfer - this is also known as a Faster Payment.
