Social Media, A Main Culprit For Purchase Scams

New data released by the British bank Barclays shows that almost nine out of ten purchase scams start on social media, according to a report from Euronews.

Purchase scams involve people buying products that either never arrive or aren't as advertised.

A major UK bank is calling on tech companies to reimburse victims of scams, as it warns that social media is the source of 88 percent of all purchase scams. Purchase scams involve people buying products that either never arrive or aren't as advertised.

Barclays reports that on average, people lose £1,000 (€1,173) to these types of scams, which account for two-thirds of all reported scams.

According to the bank's data, almost nine out of ten purchase scams originate on social media. Therefore, the bank believes that social media companies should reimburse victims, which would incentivize scam prevention.

Barclays UK CEO Matt Hammerstein stated that the data indicates that tech platforms, particularly social media, are the source of "almost all scams." However, there is no legal framework obligating the tech sector to support scam prevention.

"Without the collective efforts of tech organizations, the government, and regulators, we risk allowing the unchecked growth of what is now the most common crime in the UK, harming countless individuals and costing our economy billions each year," he said.

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