TSB chief executive Robin Mulloch has reached out to Meta, urging the social media giant to take stronger measures to safeguard consumers against fraud originating from its platforms.
According to TSB, scams on Meta’s platforms account for 80% of the refunds issued within its three primary fraud categories: purchase, investment, and impersonation. Industry forecasts suggest that without necessary technological interventions, fraud originating on Meta could lead to £250 million in push payment losses for UK households in 2023.
Furthermore, TSB reports that over 70,000 cases of purchase fraud—nearly 200 incidents daily—were recorded on Facebook Marketplace in 2022. The bank has proposed that Meta implement a secure payment system to curb rising fraud levels on Marketplace, as current transactions occur directly between buyers and fraudsters, leaving banks responsible for failed deliveries.
Mulloch has also called on Meta to prevent unregulated companies from advertising investment and financial products on Facebook and Instagram. He emphasized the need to block overtly fraudulent advertisements and social media posts that mention terms like “cash flip” or “crypto offer.” Additionally, TSB advocates for WhatsApp users to receive alerts when contacted by new numbers, advising them to verify their authenticity.
Paul Davis, TSB’s director of fraud prevention, stated, “Meta needs to face up to its responsibility: it has a duty of care to the millions of customers who use its platforms, which is all the more important when we see innocent people lose life-changing sums every day.”