Revolut reports that fraud originating from WhatsApp and Telegram now accounts for well over a third of reported scams (39%), as criminals are increasingly turning to encrypted messaging services to exploit victims.
The rapidly evolving tactics of fraudsters are uncovered in Revolut's third Consumer Security and Financial Crime Report.
The proportion of fraud originating on WhatsApp and Telegram rose steeply in the second half of 2024. Revolut notes that consumers are led to believe these platforms are secure, yet the number of cases stemming from Telegram jumped by a staggering 121% in H2, while Whatsapp cases rose by a similarly concerning 67%.
Despite this shift, Meta platforms (Facebook, Instagram, WhatsApp) collectively accounted for 54% of all scams reported to Revolut globally, marking the third consecutive reporting period where Meta has held this position.
Revolut is pushing for commitments from social media companies to share reimbursement for victims of scams originating on their platforms.
Revolut’s head of financial crime, Woody Malouf, comments: “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. We need immediate, decisive action, not empty promises.”
A BBC investigation in September last year found that Revolut was named in more reports of fraud in the last financial year than any of the major High Street banks. The firm was at the centre of nearly 10,000 complaints to the UK’s leading reporter for fraud and cybercrime, Action Fraud, according to Freedom of Information (FOI) requests made by BBC Panorama.
Revolut was comfortably ahead of second-place Barclays, which was named in almost 8,000 filings despite having about double Revolut’s customer numbers in the UK. Rivals Monzo and Starling were named in almost 5,000 and just over 1,000 reports respectively.