TSB urges Facebook and Instagram owner to better protect users from fraud – The Guardian

Fraud on Facebook, Instagram and WhatsApp is projected to cost victims £250m this year, a leading UK bank has said, adding to pressure on the tech firms’ parent company, Meta, to tackle scams on its platforms.The chief executive of TSB, which produced the forecast, has written to the US tech company calling on it to take urgent action to address the soaring levels of fraud on social media.An increasing number of banks and campaigners are calling on Meta to make urgent changes amid concerns about the company’s efforts to police its platforms.TSB has set out five steps on Wednesday that it wants the company to take to protect consumers: Introducing a secure payment method on Facebook Marketplace. Stopping unregulated firms in the UK using Facebook and Instagram to advertise financial products and investments, including cryptocurrencies. Committing to investigating and removing fraudulent content within 24 hours. Filtering and blocking “obviously fraudulent” posts, for example those using terms such as “crypto offer”. Flagging to WhatsApp users when they are contacted by new numbers and advising them to check the contact is genuine. The new projections from TSB, based on industry data and current fraud levels, predict scams originating on Meta platforms could
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