Barclays Calls for Improved Financial Ad Verification on Social Media Platforms
Barclays Bank urges social media platforms to swiftly enhance the verification process for financial advertisements in response to a significant surge in investment scams.
According to Barclays data, investment scams constituted one-third (33%) of all losses to scammers in 2023, marking a 23% increase compared to the previous year.
The volume of investment scams rose by nearly a third, making them the predominant type of scam in terms of total claim values.
Barclays attributes this escalation to scammers exploiting the lack of verification for financial advertisements on social media platforms, where over 60% of investment scams now occur.
The data reveals that millennials and men are particularly vulnerable, with men’s average claim for investment scams amounting to £16,306, and individuals aged 21-40 accounting for 48% of all investment scams.
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Stephanie Mac Sweeney, head of fraud strategy at Barclays, expresses concern over the rising trend of investment scams, emphasizing the devastating impact on victims who often lose substantial savings.
Mac Sweeney underscores the importance of addressing the root cause by urging social media companies to fulfill their promises and implement robust verification systems to protect users from fraudulent investment advertisements.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
