Revolut has reported that scams originating from WhatsApp and Telegram now constitute over a third of all reported fraud cases, with a staggering 39% attributed to these encrypted messaging platforms as criminals increasingly exploit them.
The findings are detailed in Revolut’s third Consumer Security and Financial Crime Report, which highlights a significant increase in fraudulent activity on these platforms during the latter half of 2024. Notably, instances of fraud linked to Telegram surged by 121%, while WhatsApp cases rose by 67%.
Despite this alarming trend, Meta platforms—including Facebook, Instagram, and WhatsApp—collectively represented 54% of all scams reported globally to Revolut. This marks the third consecutive reporting period where Meta has maintained this troubling statistic.
In response to the growing threat, Revolut is urging social media companies to step up and provide reimbursement for victims of scams that originate on their platforms. Woody Malouf, Revolut’s head of financial crime, expressed concern, stating: “Fraudsters are rapidly adapting their tactics, increasingly exploiting supposedly secure encrypted messaging apps like WhatsApp and Telegram. Despite repeated calls from Revolut and other financial institutions for action, social media platforms have not effectively addressed the fraud affecting their users. This inaction is not just negligence; it directly enables financial crime. We need immediate and decisive measures, not empty promises.”
Furthermore, a BBC investigation revealed that Revolut received more reports of fraud in the previous financial year than any of the major High Street banks. According to Freedom of Information requests made by BBC Panorama, almost 10,000 complaints were directed at Revolut to Action Fraud, the UK’s leading authority on fraud and cybercrime.
Revolut significantly outpaced its nearest competitor, Barclays, which received nearly 8,000 complaints, despite having about twice as many customers in the UK. Other rivals, including Monzo and Starling, received approximately 5,000 and just over 1,000 reports, respectively.