Social media sites are wild west for shopping fraud, says UK bank
TheGuardian
MAY 28, 2023
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
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