Revolut Urges Action as 93% of Scams Now Stem from Social and Encrypted Apps

A recent report by Revolut reveals that Meta platforms, particularly Facebook, continue to be the largest source of scams, accounting for 54% of reported fraud, even as scammers increasingly shift towards secure encrypted apps like WhatsApp and Telegram, which together now represent 39% of scams. Despite the alarming rise in fraud originating from these encrypted applications, Revolut underscores the need for social media platforms to adopt stricter measures against scams and collaborate with financial institutions to protect consumers. Source: revolut.com