Customers in UK fall victim to FB, Insta shopping scams every 7 min: Report

Every seven minutes, a customer in the UK falls victim to an online shopping scam originating in one of the two Meta-owned platforms, costing consumers more than 5,00,000 pound per week, a new report has shown.

Research from the UK-based Lloyds Banking Group estimated that over two-thirds of all online shopping scams affecting consumers start on Facebook and Instagram, reports The Guardian.

“Social media has become the wild west of online shopping in recent years. This has left consumers increasingly exposed to ruthless fraudsters, with hundreds of new victims targeted every day and tens of millions of pounds flowing to organised crime gangs each year,” said Liz Ziegler, the banking group’s fraud prevention director.