New data from fintech giant Revolut has revealed that UK consumers are being ‘devastated’ by WhatsApp scams, losing on average £2,437, despite the perceived security that encrypted messaging provides.

According to Revolut’s analysis, published alongside the challenger bank’s third Consumer Security and Financial Crime Report, Brits were scammed more on WhatsApp in 2024 than consumers in any other European country, making up 21% of all reported UK fraud cases. 

Fraudsters are increasingly targeting WhatsApp users, with the figures showing that scams originating on WhatsApp skyrocketed by 33% from H1 to H2 2024, compared to Instagram scams that increased by only 16% during the same period.

Meanwhile, those originating on Facebook fell by 31% and resulted in an average loss of £478, substantially less than the victims of WhatsApp scams.

Revolut’s report highlights that Meta platforms were the biggest source of all scams globally in 2024, accounting for 58%, although also highlights that big tech companies can successfully tackle fraud at its source, with Google found to account for just 0.09% of all fraud cases despite its mammoth user base.

The rising number of WhatsApp scam cases shows that an alarming number of consumers may not understand that encrypted messaging platforms like WhatsApp, while private, offer little protection against fraud and are being actively targeted by criminals.

“The illusion of security on encrypted messaging apps like WhatsApp is being ruthlessly exploited by criminals,” said Woody Malouf, head of financial crime at Revolut.

“We’re seeing consumers increasingly letting their guards down to messages received on WhatsApp more than any other platform, perhaps due to the belief that if someone has their number, they have a legitimate reason for getting in contact. 

“Encryption does not equate to immunity from scams. WhatsApp has a fundamental responsibility to protect its users, and their current approach is clearly failing.”

As part of the solution to this growing problem, the digital bank is demanding more stringent verification processes across all Meta platforms for advertisers and content creators, as well as robust AI-driven monitoring, and more collaboration between financial institutions and law enforcement.

Revolut also reiterated that social media companies should commit to sharing reimbursement for victims of scams originating on their platforms, building on an argument first put forth in October that Meta’s data-sharing partnership with UK banks and financial institutions fell ‘woefully short’ of that required to tackle fraud.

DIGIT have reached out to Meta for comment.

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Despite these vehement complaints, Revolut does not have the best record itself, having been named in more fraud complaints in the UK than any other major bank in the country, according to an investigation from BBC Panorama last year.

Although the bank said that it follows the same regulatory standards as traditional banks, and even cut fraud by 20% last year, the investigation found that for every £1m deposited into Revolut accounts, about £756,000 was from authorised push payment (APP) fraud, far outpacing that of other banks, including main rival Monzo, at £183,000 per £1m.