Revolut Calls for Meta Platforms to Reimburse Fraud Victims

According to Revolut’s Consumer Security and Financial Crime Report, Meta platforms remain the primary source of scams reported to the company, accounting for 62% of all scams in the first half of 2024.

They stated that Facebook was the most common source, followed by WhatsApp and Telegram.

Revolut is concerned that Meta’s data-sharing partnership primarily focuses on financial institutions supplying data to Meta, rather than the company investing more in monitoring its own platforms.

Additionally, the initiative is limited to the UK, while fraud is a global issue impacting consumers and businesses worldwide.

Woody Malouf, Revolut’s Head of Financial Crime, stated: “These plans are baby steps, when what the industry really needs is giant leaps forward. What our latest report on financial crime shows is that social media platforms not only continue to enable fraud, but that the issue is just as bad today as it was last year.

“Victims and financial institutions still ultimately bear the cost. These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply isn’t good enough.”

Revolut stressed the importance of tackling fraud at its source and called for Meta and other social media companies to commit to supporting victims of fraud in the same way that financial institutions do.

The firm’s report also highlights the prevalence of purchase scams and the rising number of fake job scams.

Revolut revealed it has invested heavily in its Financial Crime team and continues to enhance its security features to protect customers from fraud. The company is also working with governments and technology firms to combat fraud and ensure a safer digital ecosystem.