A new report from Revolut reveals that UK consumers are the most vulnerable to WhatsApp scams in Europe, with losses averaging £2,437 per victim.

Despite the security of encrypted messaging, fraudsters are exploiting the platform, leading to a 33% surge in WhatsApp-related scams from the first to the second half of 2024. WhatsApp scams now account for 21% of all reported fraud cases in the UK, significantly surpassing financial losses from Facebook scams, which average £478 per incident. The most financially damaging scams on WhatsApp involve fake job offers and investment fraud, making up 51% and 38% of cases, respectively.

Revolut's Consumer Security and Financial Crime Report highlights the evolving tactics of fraudsters, who are shifting their focus from Facebook—where scams fell by 31%—to WhatsApp and Instagram, where fraud increased by 16% in the same period. Woody Malouf, Head of Financial Crime at Revolut, warns that the false sense of security on encrypted apps like WhatsApp is leading consumers to trust messages they might otherwise question. He emphasizes that encryption does not prevent scams and calls on WhatsApp to take stronger action in protecting its users. Revolut is pushing for shared reimbursement responsibilities among social media companies, increased public awareness campaigns, and stricter verification measures on Meta’s platforms to combat fraud.

In 2024 alone, Revolut prevented over £600 million in fraud and continues to enhance its security measures. The company has introduced AI-driven fraud detection, transaction limits, biometric authentication, and in-app calls to help users verify contacts and detect impersonation scams in real time. While Revolut is taking proactive steps to protect its customers, it stresses that financial institutions alone cannot bear the burden of fighting fraud—social media platforms must also play an active role in preventing these scams at the source.