TSB CEO Robin Bulloch has called on Meta to implement tech interventions urgently needed to protect consumers. According to TSB, fraud instigated through content on Meta accounts for 80% of fraud cases within its three biggest categories.

Banking industry projections based on current levels show UK households could lose £250m to fraud on Meta platforms in 2023. Last month, TSB warned consumers of the rise in fraud cases resulting from Meta.

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In addition, TSB estimates that over 70,000 purchase fraud cases – almost 200 a day – took place on Facebook Marketplace in 2022. TSB has highlighted the five tech interventions Meta should take that would drastically reduce the high levels of fraud – and protect the millions of people who use Meta services everyday:

How Meta can prevent fraud: TSB

TSB calls on Meta to introduce a secure payment mechanism so people using Facebook Marketplace can pay for goods safely. At present, Marketplace transactions do not go through a recognised payments system. As a result, payments can take place directly from a victim to a fraudster. Providing such a platform could significantly reduce Marketplace fraud.

TSB has also called for a stop on unregulated firms, in the UK, using Facebook and Instagram to advertise investments and financial products, including cryptocurrencies. It wants Meta to issue a clear public commitment to investigating – and where confirmed, removing – all content flagged as potentially fraudulent within 24 hours.

In addition, the bank said Meta ought to filter out and block obviously fraudulent adverts and social media posts. These include such as those using terms like ‘cash flip’ or ‘crypto offer’.

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And the bank called on Meta to flag to WhatsApp users when they’re contacted from new numbers and warn them to check that the numbers are genuine.

TSB: Fraud on Meta platforms currently accounts for:

  • 80% of all purchase fraud cases, with three-fifths (60%) of these cases coming from Facebook Marketplace, and a further 18% via Instagram;
  • 86% of impersonation fraud, driven by a sharp increase in WhatsApp-based “friends and family fraud” which has surged by 300 percent in just a year;
  • 87% of all investment fraud, largely driven by Instagram (59%)

Paul Davis, Director of Fraud Prevention, TSB, said: “Meta needs to face up to its responsibility. It has a duty of care to the millions of customers who use its platforms, which is all the more important when we see innocent people lose life-changing sums every day.”

“Today, we have written to Meta demanding it puts in place the tech interventions urgently required to stem the tide of fraud and protect the many consumers who put faith in its services.”