Revolut has launched an urgent appeal to Italian institutions and the European Union to adopt a new approach in the fight against online fraud. Recent data indicates that social platforms, particularly those of Meta (Facebook, Instagram, WhatsApp, Messenger), have become the main vehicles of fraud, making a more incisive intervention necessary.
“`Summary
Revolut: An alarm based on worrying data
According to the data collected by Revolut, in the second half of 2023, 79% of scams in Italy originated on social media, with Meta platforms representing 59% of these cases and 27% of the amounts stolen.
At the EEA (European Economic Area) level, 77% of all scams reported by Revolut customers started on social media. This data underscores the urgency of addressing fraud at its root.
The most common frodi
Le frodi più comuni che colpiscono i clienti di Revolut sono le truffe sugli acquisti e sugli investimenti.
The scams on purchases, where the victims buy non-existent items or different from what was advertised, represent 70% of the reported cases.
Investment scams, which promise quick profits in exchange for large sums of money, while representing only 12% of cases, account for 61% of the money lost.
Revolut requires an action from the institutions
Woody Malouf, Head of Financial Crime di Revolut, ha dichiarato:
“We strongly support the European Commission’s proposal to improve the fraud prevention measures implemented by banks. However, banks cannot be the only line of defense. It is necessary for the EU and Member States to help BigTech actively identify and remove fraudulent content at the source with the right tools and mechanisms.”
The regulatory context
In 2023, the European Commission presented new legislative proposals that include the Payment Services Regulation (PSR), aimed at introducing measures to combat fraud related to the impersonation of bank employees. Member States are now finalizing their position on these rules, with a decision expected by June 2024.
Continuous innovation
Revolut continues to innovate its security systems to protect its customers. The company analyzes over half a billion transactions every month to detect potential fraud, alerting customers when their transactions appear suspicious. Despite these efforts, Revolut calls for broader cooperation to tackle online fraud in a global and integrated manner.
Conclusions
The appeal of Revolut highlights the need for a more collaborative and proactive approach in the fight against online fraud. With the increase in fraudulent activities on social media, it is essential that European institutions and technology platforms work together to protect consumers and maintain the integrity of the digital financial system.
Revolut, founded in 2015, has grown rapidly to serve over 40 million customers worldwide. With its offering of innovative services, it continues to redefine the financial sector, promoting greater inclusion and accessibility.
Questo richiamo all’azione rappresenta un passo importante verso un sistema più sicuro e affidabile, dove le frodi online possano essere affrontate in modo efficace e coordinato a livello europeo.
