A new global fraud report from Revolut has cast a stark spotlight on the persistent role of social media platforms – particularly those owned by Meta – as enablers of online scams.
The Consumer Security and Financial Crime Report, now in its third edition, underscores the scale and sophistication of financial crime in the digital era, with over half of all fraud cases reported to Revolut in H2 2024 traced back to Meta’s platforms: Facebook, Instagram and WhatsApp.
Meta’s dominance in this grim ranking is nothing new; this is the third consecutive reporting period in which the company’s platforms have accounted for the lion’s share of scam activity.
Facebook Dominates Grim Ranking
Facebook alone was responsible for 28% of reported fraud cases, but perhaps more alarmingly, the report shows a surge in fraud via encrypted messaging apps – especially WhatsApp and Telegram – which together now account for 39% of all reported scams.
Telegram in particular saw a staggering 121% rise in reported fraud incidents, while WhatsApp-related cases climbed by 67% in the same period.
Profiteering from Misery
Revolut, which now serves over 50 million customers globally, has called time on what it characterises as a culture of indifference among social media platforms.
The firm is demanding more than cosmetic interventions or limited pilot schemes.
Instead, it is advocating for robust, coordinated action: including stricter advertiser verification protocols, proactive scam content removal, and, crucially, a shared responsibility for compensating scam victims.
Woody Malouf, Revolut’s Head of Financial Crime, delivered a scathing assessment: “Fraudsters are rapidly adapting their tactics, increasingly exploiting supposedly secure encrypted messaging apps like WhatsApp and Telegram.
Yet, despite repeated calls from Revolut and other financial institutions, social media platforms are failing to address the fraud plaguing their users, and their inaction is not just negligent; it’s a direct enabler of financial crime.”
Fraud Patterns Remain Persistent
The data also reveals that while fraud tactics evolve, certain patterns remain persistent.
Purchase scams continue to dominate, with ticket scams showing particular prevalence among younger users.
Consumers aged 17–24 and 25–34 accounted for nearly three-quarters of all such incidents, a statistic that speaks to the exploitation of both trust and tech-savviness among digitally native generations.
Although Revolut prevented over £600 million in attempted fraud in 2024 alone – through a suite of in-app safeguards, AI-driven monitoring tools, biometric checks and real-time alerts – the company maintains that the financial sector cannot combat this crisis in isolation.
Without meaningful cooperation from social media platforms, fraud will continue to proliferate unchecked.
The message from Revolut is unequivocal: encryption does not equal safety, and digital platforms must no longer be treated as passive conduits for crime.
Instead, they must become active participants in fraud prevention. Anything less, Revolut suggests, is a tacit endorsement of the problem.
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