According to the latest Consumer Fraud Report by Revolut, over one-third of scams tracked by the neobank now originate from just two encrypted messaging platforms: WhatsApp (21%) and Telegram (18%). The sharp rise in fraud through these apps has raised concerns about their perceived safety.
The second half of 2024 witnessed a dramatic spike in scam cases linked to encrypted messengers. Telegram-related fraud surged by 121%, while WhatsApp saw a 67% increase. Revolut points out that scammers are quickly adapting, exploiting platforms that users wrongly assume to be secure.
Despite these numbers, Meta-owned platforms — Facebook, Instagram, and WhatsApp — remain the primary breeding ground for scams globally, accounting for 54% of all cases reported to Revolut. It’s the third consecutive report placing Meta at the top of this undesirable ranking.
Revolut is calling for tougher accountability from social media giants, urging them to share responsibility for scams occurring on their platforms and contribute to victim reimbursements.
Woody Malouf, Head of Financial Crime at Revolut, stated:
- “Scammers are evolving fast, shifting to encrypted channels like WhatsApp and Telegram. Yet social networks continue to turn a blind eye. This negligence isn’t passive — it’s enabling financial crime. We need real action, not more empty promises.”
Ironically, Revolut itself was under scrutiny in 2024. A BBC investigation revealed it had more fraud-related complaints filed with Action Fraud than any major UK bank — nearly 10,000 cases, far surpassing Barclays (around 8,000) and digital rivals like Monzo (~5,000) and Starling (just over 1,000).