Most e-fraud via social media
Survey by Revolut shows that 75% of incidents in Greece occur through such online platforms
More than three out of four fraud incidents (over 77%) recorded in 2023 started on social media platforms, with Meta platforms such as Facebook, Instagram, WhatsApp and Messenger dominating as the vehicle for 61% of fraud incidents coming from social media and 40% of total money stolen.
The above is according to data from Revolut, according to which social media act as “fraud hotbeds,” with shopping and investment fraud being the most common types of fraud, accounting for 70% and 12% of incidents, respectively, Revolut notes.
In Greece, Revolut’s data reveal a similar picture to other countries, as in the second half of 2023 three quarters of fraud incidents originated from social networking platforms. Meta’s platforms account for 67% of fraud incidents originating from social media and 40% of the total money lost in these incidents.
Calling on “the European Union governments to take action along the chain of the phenomenon, helping BigTechs to actively detect suspicious content with the appropriate tools and mechanisms and remove it at the source,” in its announcement the digital bank that also has more than 1 million customers in Greece (and 40 million around the world) sounds the alarm about the promotional actions launched by social media that lead to the interception of data and banking information as a consequence of the rise of fraud phenomena.
These are cases where through phishing messages, enticing a super offer on a product, they redirect the visitor to a fake website and steal their bank account or debit/credit card details when they try to make the purchase or participate in a competition that promises, for example, an attractive trip.
Crooks will not hesitate to reach out through social media to vulnerable people with problems, such as a permanent disability or illness, and after developing a long-term relationship of understanding and mutual help with them, with the aim of gaining trust, they move on to the next step of invoking an emergency, asking for assistance to be reciprocated.
