A new study is shedding light on the growing number of frauds and scams that continue to soar to record-high levels.
The research results are linked to the UK region and had to do with the previous quarter that showed how social media apps need to work on limiting threat actors at large. The reports come to us thanks to the FOS who is known for solving issues between firms and clients. They highlighted how more than 9,000 complaints arose in just three months which is a huge 45% jump from stats seen in 2023.
As per the FOS, the rise has to do with the growing complexity of cases that keep popping up. This entails multi-stage fraud where money passes through different banks before it reaches the real criminal.
The fact that is concerning is how there is a mega rise in fraud and scam cases over such short periods of time, the FOS adds. Many don’t even report it because that’s how shy or embarrassed they feel about the whole scenario.
Others feel the crime is so complex that they don’t even know where to begin. It’s just so shocking how people are scared to come forward and that means so many go unnoticed. Thankfully, those who do take help from the FOS did get most of their lost funds returned.
The FOS also mentioned how investigations into plenty of cases got as much as $150M returned to victims of the scams.
Meanwhile, as per UKFinance data, criminals stole nearly $1.48 Billion from people in the UK via fraud scams in 2023 alone. The report also highlights how banks stopped another $1.58 Billion fraud, thanks to foolproof security systems. As per the UK Finance, most of them arose from online apps and 16% began via telecommunication networks. APP (authorized push payment) fraud was again highlighted as the most common one encountered in the UK and that led to significant financial losses.
New laws are forcing banks to reimburse those falling prey to scams due to loopholes in the system but they don’t cover the losses incurred from social media apps. Therefore, they’ve got no incentive to find a proper solution to the crime.
In another recent study by Revolut, social media apps were highlighted as the leading causes of fraud to begin with. Amongst those whose names were high on the list - Meta’s family of apps was the front-runner. This includes Facebook and WhatsApp while Telegram also topped the list of most common places for scams to occur.
Image: DIW-Aigen
Read next: Are Internet Service Providers Trapping You? FCC Demands Change in Customer Service Standards
The research results are linked to the UK region and had to do with the previous quarter that showed how social media apps need to work on limiting threat actors at large. The reports come to us thanks to the FOS who is known for solving issues between firms and clients. They highlighted how more than 9,000 complaints arose in just three months which is a huge 45% jump from stats seen in 2023.
As per the FOS, the rise has to do with the growing complexity of cases that keep popping up. This entails multi-stage fraud where money passes through different banks before it reaches the real criminal.
The fact that is concerning is how there is a mega rise in fraud and scam cases over such short periods of time, the FOS adds. Many don’t even report it because that’s how shy or embarrassed they feel about the whole scenario.
Others feel the crime is so complex that they don’t even know where to begin. It’s just so shocking how people are scared to come forward and that means so many go unnoticed. Thankfully, those who do take help from the FOS did get most of their lost funds returned.
The FOS also mentioned how investigations into plenty of cases got as much as $150M returned to victims of the scams.
Meanwhile, as per UKFinance data, criminals stole nearly $1.48 Billion from people in the UK via fraud scams in 2023 alone. The report also highlights how banks stopped another $1.58 Billion fraud, thanks to foolproof security systems. As per the UK Finance, most of them arose from online apps and 16% began via telecommunication networks. APP (authorized push payment) fraud was again highlighted as the most common one encountered in the UK and that led to significant financial losses.
New laws are forcing banks to reimburse those falling prey to scams due to loopholes in the system but they don’t cover the losses incurred from social media apps. Therefore, they’ve got no incentive to find a proper solution to the crime.
In another recent study by Revolut, social media apps were highlighted as the leading causes of fraud to begin with. Amongst those whose names were high on the list - Meta’s family of apps was the front-runner. This includes Facebook and WhatsApp while Telegram also topped the list of most common places for scams to occur.
Read next: Are Internet Service Providers Trapping You? FCC Demands Change in Customer Service Standards
