Firms ‘should contribute to refunds’ as two-thirds of online scams now originate in Facebook and Instagram
More than two-thirds of all online shopping scams affecting UK consumers start on Facebook and Instagram, with social media now a “wild west” for fraud, according to one of Britain’s biggest banks.
Research from Lloyds Banking Group estimates that someone in the UK falls victim to a purchase scam originating in one of the two Meta-owned platforms every seven minutes – costing consumers more than £500,000 a week.
