In early October 2024, Revolut called on Meta to strengthen its commitment against online financial fraud, particularly by adopting prevention and reimbursement measures. The British online banking giant pointed out that Facebook and WhatsApp, both owned by Meta, remain the two platforms responsible for the most financial scams.

Fraud on these platforms often takes the form of purchase scams, where a user pays for a product that is never delivered. According to Revolut’s report on online financial crime, the share of malicious acts attributed to Meta’s social networks “has not substantially decreased” in 2024.

Meta has implemented an information-sharing system with banks to better combat fraud. However, Woody Malouf, Revolut’s head of financial crime prevention, considers these actions to be notably insufficient. According to him, major platforms should deploy active prevention measures and, most importantly, contribute to compensating the losses suffered by scammed users.

Revolut also calls for the adoption of legislation mandating such measures. More broadly, the online bank advocates for the necessity of cooperation between all stakeholders involved in fraud prevention—commercial organizations, financial institutions, and public bodies.

Stay tuned in real time
Subscribe to
the newsletter
By providing your email address you agree to receive the Incyber newsletter and you have read our privacy policy. You can unsubscribe at any time by clicking on the unsubscribe link in all our emails.
Stay tuned in real time
Subscribe to
the newsletter
By providing your email address you agree to receive the Incyber newsletter and you have read our privacy policy. You can unsubscribe at any time by clicking on the unsubscribe link in all our emails.