Revolut publishes a report regarding recent fraud trends

The report notes that fraudsters increasingly turn to encrypted messaging platforms such as WhatsApp and Telegram to exploit victims. Meta platforms such as Facebook, Instagram and WhatsApp account for 54% of all scams reported to Revolut globally.

Key findings of the report

Although Facebook remains the platform of choice for scammers, accounting for 28% of reported cases, Revolut’s report highlights that encryption does not equate to protection, as fraud originating from Telegram and WhatsApp accounts to 39% of reported scams. This marks a 121% increase in fraudulent activity on Telegram in H2, while WhatsApp’s cases rose by 67%. Meta’s platforms account for 54% of scams reported to Revolut globally in H2 2024, marking a third consecutive reporting period where it held this position.

Despite the changing nature of cybercrime, the prevalence of purchase scams remains unchanged. H2 2024 witnessed a trend in ticket scams as criminals targeted young demographics, with individuals aged 17-34 accounting for most of the reported cases.

In spite of repeated calls from financial institutions, social media platforms are failing to address fraud happening to their users. Revolut calls for social media platforms to move beyond minor changes and fraud prevention initiatives and take decisive action to remove scam content, verify advertisers, and commit to share reimbursement for victims of scams originating on their platforms. The company advocates for AI-driven monitoring, proactive intervention, improved verification processes, and collaboration with financial institutions and law enforcement.

In 2024, Revolut prevented GBP 600 million in potential fraud against its customers. The business is committed to further optimising its security features, launching in-app calls to support customers and expose impersonation scams. Other implementations include real-time AI fraud detection systems, transaction limits, biometric authentication requirements, and educational resources to help users stay informed about potential risks.