Revolut accuses Meta of not doing enough against Facebook and WhatsApp scams
Revolut, the online bank which has more than 45 million customers worldwide, including 3.5 million in France, has just published the second part of its report on consumer security and financial crime. A document which particularly emphasizes the leading role of Meta platforms, parent company of Facebook, Instagram and WhatsApp, in online scams reported by Revolut users in the first half of 2024.
Facebook and WhatsApp, main sources of online scams
According to this report, 62% of frauds reported to Revolut worldwide in the first half of 2024 originated on Meta platforms, a stable figure compared to the second half of 2023 (64%). Facebook comes out on top, being involved in 39% of scams, more than double that of WhatsApp (18%). In France, Meta platforms are at the origin of 51% of scams, with Facebook alone representing 28% of cases.
Insufficient measures
Following Meta's announcement of a data sharing partnership with British banks and financial institutions to prevent fraud, Revolut did not fail to express its skepticism. The online bank believes that this partnership does not meet the necessary requirements to effectively combat this phenomenon on a global scale.
Revolut goes further by deploring that the emphasis is once again placed on the responsibility of financial institutions, rather than that of Meta and its ability to invest more in the surveillance of its platforms. In addition, Meta still does not commit to helping reimburse victims defrauded on its platforms, despite the significant profits generated by fraudulent advertisements.
“These measures are very small steps, while the industry needs real progress (…) Meta and other platforms must also commit to supporting victims, as financial institutions do. Their silence is revealing” accuses Woody Malouf, head of the fight against financial crime at Revolut.
Revolut also welcomes the measures taken by the French government, such as the Naegelen lawbut emphasizes the need for Meta to take a more active role. “We are ready to do our part to protect customers, and Meta should do the same. Revolut and other banks should not be the only line of defense, but the last“, continues Woody Malouf, definitely very angry with the platform.
Increase in employment scams, purchases remain the main target
The Revolut report also looks at the evolution of the types of scams. While scams linked to online purchases (false product sales) remain the most widespread, affecting 60% of victims worldwide and 62% in France, employment scams (false offers requiring the purchase of training or equipment) experienced a significant increase. They increased from 9% at the end of 2023 to 18% at the end of June 2024 globally.
