WhatsApp prides itself on the security of its encrypted messages, however, according to new research from Revolut, the global fintech with 11 million UK customers and 50 million globally, UK consumers are losing an average of £2,437 from scams originating on the communications platform.
Revolut’s analysis showed that Brits are the most vulnerable to WhatsApp fraud, ranking the worst affected in Europe in 2024. The rising number of WhatsApp scam cases shows a likely misconception amongst consumers: encrypted messaging platforms like WhatsApp, while private, offer little protection against fraud, and are being actively targeted by criminals.
Revolut today released its third Consumer Security and Financial Crime Report, revealing the rapidly evolving tactics of fraudsters across its markets. The report highlights that Meta platforms remain the biggest source of all scams globally (58 per cent) in 2024.
Woody Malouf, head of financial crime at Revolut, commented: “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. Encryption does not equate to immunity from scams. WhatsApp has a fundamental responsibility to protect its users, and their current approach is clearly failing.”
Criminals are abandoning other platforms in favour of WhatsApp
Revolut’s analysis of fraud data across its European markets showed that the UK leads Europe in WhatsApp scams. In fact, the UK had the highest number of WhatsApp scam cases per thousand customers in Europe in 2024. Furthermore, scams originating on WhatsApp skyrocketed by 33 per cent from H1 to H2 2024, and made up 21 per cent of all reported UK fraud cases in 2024.
Fraudsters are increasingly targeting WhatsApp users, moving away from other platforms. Facebook scams fell by 31% from H1 to H2 2024, whilst Instagram scams increased by 16% during the same period. The average loss per WhatApp scam was £2,437, substantially more than the £478 average loss from Facebook scams.
Revolut also found that job and Investment scams (51 per cent and 38 per cent of total cases, respectively) were the most financially damaging frauds originating on WhatsApp.
The fintech identified that Google is leading the fight against fraud. Google platforms accounted for 0.09 per cent of all fraud cases, proving big technology companies can successfully tackle fraud at its source.
Revolut’s call for change
Revolut is demanding:
- Shared reimbursement: Social media companies commit to sharing reimbursement for victims of scams originating on their platforms. The current status quo, where financial institutions are left to fight fraud alone, remains unacceptable.
- Customer education: Increased public awareness campaigns to educate consumers about the risks of WhatsApp scams.
- Proactive intervention, not reactive measures: More stringent verification processes across all Meta platforms for advertisers and content creators, robust AI-driven monitoring, and seamless collaboration with financial institutions and law enforcement.
Revolut takes fraud and the industry-wide risk of customers being coerced by organised criminals, incredibly seriously. In 2024 alone, Revolut prevented over £600million in potential fraud against its customers.
The business continually enhances security features, this year launching in-app calls to help customers quickly expose impersonation scams, as well as implementing real-time AI fraud detection systems, transaction limits, biometric authentication requirements and providing educational resources to help consumers stay informed about potential risks.
The post Fraudsters Turn to WhatsApp: Revolut Reveals UK Consumers Lose £2,437 From WhatsApp Scams appeared first on The Fintech Times.
