TSB issues scam warning to anyone using WhatsApp, Facebook or Instagram | #whatsapp | #lovescams | #phonescams

TSB has issued a warning to users of Instagram, WhatsApp and Facebook over the huge number of scams coming through the social platforms.

The bank said that a significant proportion of the social media scams cases being reported are being shared via one of the three apps and urged social media companies to ‘urgently clean up their platforms’ to protect innocent users.

TSB’s own internal data indicates that around 80% of fraud cases within the three biggest fraud categories are coming through these companies, which are all owned by Meta, as HullLive reports.

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Purchase, impersonation and investment fraud are the top fraud categories by case load at TSB. The bank analysed its customer fraud data from January 2021 to December 2022.

The fraud department is now urging people who use any of the three platforms to watch out for unsolicited messages claiming to be from family or close friends. They advise contacting the person directly before ever sending a payment.

Experts are also urging potential investors to stick to recognised investment platforms and to steer clear of social media ‘get rich quick’ schemes. TSB launched its own fraud refund guarantee in 2019 and it said 97% of fraud cases are reimbursed through this initiative.

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