More than half of all scams use Facebook, Instagram or WhatsApp to focus on victims

More than half of scams involve Facebook, Instagram or WhatsApp as fraudsters successfully exploit social media platforms, phone networks and email to target victims, a new report warns.

The platforms – all owned by social media behemoth Meta – were involved in as many as 54 per cent of scam incidents last year, and linked to roughly £1 in every £5 lost in scams, according to the Payment Systems Regulator (PSR). 

Meta platforms were also used in 31 per cent of romance scams – more than all dating websites combined, according to the PSR.

Fraudulent calls and texts via telecoms were used in 12 per cent of scam cases, but accounted for 31 per cent of losses. 

Hunting ground: Facebook, Instagram or WhatsApp were involved in as many as 54% of scam incidents last year, and linked to roughly £1 in every £5 lost in scams

Emails were involved in just 2 per cent of scams, but led to 10 per cent of money lost.

The biggest losses were due to investment scams. These made up 6 per cent of scams, but 23 per cent of total losses. 

Money Mail is campaigning to tackle the social media fraud epidemic and has been calling on tech companies to do more to protect their users.

A spokesman for Meta says: ‘Any comprehensive response to organised scammers requires broader cross-industry action. 

We’re investing not only in improvements to detection technology, but also work with law enforcement and financial institutions.’