Revolut report highlights surge in Telegram, WhatsApp scams

Revolut has released its third Consumer Security and Financial Crime Report, shedding light on the changing landscape of scams affecting Australian and global consumers.

The report identifies that Meta platforms, including Facebook, Instagram, and WhatsApp, continue to be the major sources of reported scams globally, comprising 54% of all cases. According to the research, these fraudsters are increasingly utilising encrypted messaging services, such as WhatsApp and Telegram. Specifically, Telegram saw a dramatic 121% increase in scam cases in the latter half of 2024, with WhatsApp following suit with a 67% rise.

Fraud originating from Meta platforms still holds a significant share, highlighting Meta's continued position over three consecutive reporting periods as the largest source of scams reported to Revolut. Facebook accounted for 28% of these cases globally.

In Australia, similar trends have emerged. According to the the report, Meta platforms were responsible for 66% and 57% of scams in the first and second halves of 2024, respectively. In particular, Instagram experienced a 55% rise in scam prevalence in the second half of the year. Telegram's influence also grew significantly, depicted by a 61% increase in reported scams in the latter half.

Woody Malouf, Revolut's Head of Financial Crime, commented on these alarming shifts, saying, "Fraudsters are rapidly adapting their tactics, increasingly exploiting supposedly secure encrypted messaging apps like WhatsApp and Telegram.

"Yet, despite repeated calls from Revolut and other financial institutions, social media platforms are failing to address the fraud plaguing their users, and their inaction is not just negligent; it's a direct enabler of financial crime," Malouf says.

"We need immediate, decisive action, not empty promises," he added.

According to the the report, purchase scams have maintained a constant presence, particularly amongst younger consumers. Ticket scams targeting individuals aged 17-24 and 25-34 represented a substantial portion of the cases, accounting for 36% and 38% respectively in the latter part of 2024.

Revolut has been actively working to combat these trends by reinforcing scam intervention strategies and implementing robust security features, including real-time AI fraud detection systems, transaction limits, and biometric authentication requirements. Additionally, Revolut promotes the Scams Prevention Framework enacted in Australia, urging social media platforms to take stronger preventative measures.

The fintech company is advocating for proactive intervention strategies, including stringent advertiser verification processes and AI-driven content monitoring. Moreover, they are calling for social media companies to share the financial burden of fraud restitution for scams originating on their platforms.