It’s no surprise that an increasing amount of financial scams are happening on Facebook. However, the sheer number of users who are being taken advantage of is shocking. According to a review of its internal data, the bank TSB says that 80 percent of fraud cases within its three biggest fraud categories came from Meta-owned businesses, including Facebook, Instagram, and WhatsApp.

The bank’s three biggest fraud categories include purchases, impersonation, and investment fraud. Most financial institutions will reimburse victims of this sort of online scam, but TSB is still not happy with Facebook’s efforts to fix the problem.

“Social media companies must urgently clean up their platforms to protect the countless innocent people who use their services every day,” said Paul Davis, the director of fraud prevention at TSB. “In the meantime, we are urging the public to remain cautious to potential scam content — and to spread the word to help protect those around you.”

Facebook has systems in place to detect fraud, but it’s obviously not perfect, and the company evidently needs to do a better job educating users about the issue. After all, it shouldn’t be up to our banks to warn us about Facebook’s problems.

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