WhatsApp scams spike by 65% as average losses total €1,200, Revolut warns
Revolut today released its third Consumer Security and Financial Crime Report, revealing Meta platforms remain the biggest source of all scams globally (58%) in 2024.
Fintech giant Revolut has warned Irish customers to be vigilant as they are increasingly targeted by WhatsApp scams, losing on average €1,200, despite the perceived security of the encrypted messaging platform.
Ireland ranked as the second worst affected in 2024, coming behind the UK, with Revolut noting that the rising number of WhatsApp scam cases highlights a common misconception among consumers: encrypted messaging platforms like WhatsApp, while private, offer little protection against fraud, and are being actively targeted by criminals across Ireland.
Scams originating on WhatsApp spiked by close to 65% in Ireland in the second half of 2024, while Irish cases represented 12% of all fraud.
Fraudsters are increasingly targeting WhatsApp users, moving away from other known platforms, Revolut added. The total monetary loss suffered by Facebook scams fell by 13% in the second half of 2024, while Instagram scams rose 64% during the same period.
Revolut today released its third Consumer Security and Financial Crime Report, revealing Meta platforms remain the biggest source of all scams globally (58%) in 2024. This compares to Google platforms, which accounted for 0.09% of all fraud cases.
“We know how easy it can be to unwittingly fall for a scam via more personal messaging platforms such as WhatsApp," Malcolm Craig, general manager at Revolut Bank's Ireland branch.
"Somebody having your phone number can often make you feel more confident to proceed but be wary, particularly in local community group chats."
Woody Malouf, head of financial crime at Revolut, added: "The illusion of security on encrypted messaging apps like WhatsApp is being ruthlessly exploited by criminals."
"The significant financial losses demonstrate the devastating impact these frauds are having on individuals. Encryption does not equate to immunity from scams.
"WhatsApp has a fundamental responsibility to protect its users, and their current approach is clearly failing.”
