Meta (NASDAQ: META) is a leading technology company known for its social media platforms, including Facebook and Instagram. The company is actively working to protect its users from scams, which have surged by 56% recently. Meta’s pre-holiday anti-scam awareness campaign aims to educate users about various scam tactics, such as malicious texts, emails and websites impersonating well-known brands.
Meta has successfully disrupted scams in countries like the U.S., India and the U.K., where fraudsters attempted to deceive people with fake coupons and gift cards. These scams often aim to extract personal information from unsuspecting users. Another prevalent scam involves selling non-existent Christmas decorations at low prices, luring individuals into fraudulent transactions.
The company advises users to be cautious of phishing emails and texts that appear to come from familiar brands or financial institutions. Meta warns against sharing personal information and recommends vigilance when making online payments. Scammers often request upfront payments or use irreversible peer-to-peer payment methods, making it crucial for users to stay alert.
Scams have become the leading form of fraud, surpassing digital payment fraud. According to PYMNTS Intelligence, scam-related fraud now accounts for 23% of all fraudulent transactions, with financial losses from scams increasing by 121%. Relationship/trust and product/service scams are particularly common, manipulating individuals into authorizing fraudulent transactions.
Despite a 57% decline in digital payment fraud losses, financial institutions face growing challenges in managing scams. Fraudsters are increasingly using social engineering tactics to exploit trust and bypass security systems. Meta’s efforts to combat these scams are crucial in protecting users and maintaining trust in its platforms.
To view the company’s most recent earnings release, visit https://ibn.fm/BN2t8
About Meta Platforms Inc.
Meta builds technologies that help people connect, find communities and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology. For more information, visit the company’s website at https://investor.FB.com.
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