VICTIMS of WhatsApp scams on Revolut were fleeced out of on average €1,200 last year, according to a new report from the digital bank.
Ireland is the second worst affected country in Europe from frauds on the popular messaging platform, with only the UK being more vulnerable as fraudsters target English-speaking countries.
Scams originating on WhatsApp spiked by close to 65 per cent in Ireland last year, while Irish cases represented 12 per cent of all fraud.
The average loss per WhatsApp scam was €1,200, substantially more than the €260 average lost originating from Facebook scams.
Revolut’s third Security and Financial Crime Report also found that fraudsters are increasingly targeting WhatsApp users, moving away from other known platforms.
The total monetary loss suffered by Facebook scams fell by 13 per cent the first half and second half 0f 2024, whilst Instagram scams rose 64 per cent during the same period.
Woody Malouf, Head of Financial Crime at Revolut, said: “The illusion of security on encrypted messaging apps like WhatsApp is being ruthlessly exploited by criminals.
“We’re seeing consumers increasingly letting their guards down to unsolicited messages received on WhatsApp more than any other platform, perhaps due to the belief that if someone has their number, they have a legitimate reason for getting in contact.
“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.”
Reinforcing the need to remain vigilant, Malcolm Craig, General Manager at Revolut Bank -Ireland Branch, added: “We know how easy it can be to unwittingly fall for a scam via more personal messaging platforms such as WhatsApp.
“Somebody having your phone number can often make you feel more confident to proceed but be wary, particularly in local community group chats.
“The protection of our customers’ funds is our utmost priority and we strongly urge people to recognise the threat that unsolicited messages on WhatsApp can pose.
“Equally, Revolut will never contact you outside of our secure in-app chat without first confirming with you via the app itself.”
In 2024 alone, Revolut said it prevented over €700 million in potential fraud against its customers globally.
