British consumers are the top targets for WhatsApp scammers, with the UK emerging as the European epicentre for this type of fraud.
Research from Revolut has found that Whatsapp scams make up 21 percent of all reported fraud in the country.
Each victim loses an average of £2,437, which dwarfs the average amount lost on platforms such as Facebook, where people lose £478 per scam.
According to City AM, criminals are exploiting the perceived “security” of the online messaging app.
In the second half of last year alone, scams on the platform soared by 33 percent.
This reflects a broader rise in social media fraud, with scams on Meta-owned platforms like Facebook, Instagram, and WhatsApp now making up 58 percent of global fraud cases.
Revolut’s research also found that job scams are the most common scheme on the WhatsApp – making up half of all reported fraud on the platform.
Investment scams were the second most common crimes encountered by victims on Whatsapp.
Martin Richardson, senior partner at National Fraud Helpline, said: ‘We are not surprosed by these findings. They mirror our experience of helping fraud victims.
‘WhatsApp is a common theme in a lot of the scams that we see.’
Woody Malouf, head of financial crime at Revolut, criticised Meta’s handling of the crisis.
He said: “The illusion of security on WhatsApp is being ruthlessly exploited by criminals.
“Many consumers wrongly assume that if someone has their number, they must be legitimate.
“Meta has a fundamental responsibility to protect its users, and their current approach is clearly failing.”
Revolut is calling on Meta to help fund scam reimbursements, arguing that social media platforms should share responsibility for fraud prevention alongside payment providers.
National Fraud Helpline helps WhatsApp scam victism recover their money.
Have you lost money to a scam? Contact the National Fraud Helpline. Call 0333 0033218 or fill out our Claim Form.