Facebook and Instagram blamed for surge in scams – The Times

Fraudsters using Facebook and Instagram are responsible for more than eight in ten of all online investment scams, one of Britain’s biggest banks has revealed.

TSB, which has 5.4 million UK customers, has demanded that Mark Zuckerberg’s internet giant Meta should be made “directly responsible for fraud” — including paying redress directly to British victims — along with other social media companies if they fail to clamp down on scam sites that pay to advertise on their platforms.

The revelations are the latest in an angry war of words between banks and social media companies over where responsibility lies for the soaring number of internet-based get-rich-quick scams.

Industry figures released this week revealed banks have refunded less than half of scam victims, claiming internet

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Read Full Story: https://www.thetimes.co.uk/article/facebook-and-instagram-blamed-for-surge-in-scams-jqtn9sdsm

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