WhatsApp could see “significant financial losses” over its latest scams.
WhatsApp could see “significant financial losses” over its latest scams.
The messaging service has been targeted by criminals multiple times in recent years, and fintech company Revolut has conducted research that revealed that more British users fell victim to con artists via the app than users from any other country in Europe.
Woody Malouf, chief of Financial Crime at Revolut, said: “WhatsApp has a fundamental responsibility to protect its users, and their current approach is clearly failing.
“The illusion of security on encrypted messaging apps like WhatsApp is being ruthlessly exploited by criminals.
“We’re seeing consumers increasingly letting their guards down to messages received on WhatsApp more than any other platform, perhaps due to the belief that if someone has their number, they have a legitimate reason for getting in contact.
“The significant financial losses, particularly from job and investment scams, demonstrate the devastating impact these frauds are having on individuals.”
Data collected by Revolut found that last year on average £478 per customer was lost to scammers on Facebook, £602 on Instagram, £150 on X and £510 on TikTok
WhatsApp could see ‘significant financial losses’ over its latest scams, says Revolut
