Meta platforms are ‘hotbed’ for financial scams says Revolut

Fintech app said across Europe, 61% of scams originated on Meta services

Woody Malouf, Revolut’s head of financial crime, said Meta platforms were “being used as a hotbed for scams,” and urged Revolut customers to avoid so-called investment opportunities.

Most scams reported to finance app Revolut in the UK last year started their journey on Meta Platforms Inc. social media, with most money lost to “get-rich-quick” investment schemes.

The London-based fintech found 60% of UK scam cases came from Facebook, Instagram and WhatsApp, dwarfing other platforms and frauds conducted by telephone. Revolut found a similar trend across Europe, where 61% of scams originated on Meta services.