The chief executive of TSB has called on social media behemoth Meta to clampdown on fraud originating on its platforms.

In an open letter to the company, TSB chief executive officer Robin Bulloch wrote that scams originating from Meta platforms – such as Facebook, Instagram and WhatsApp – account for 80 per cent of the fraud it refunds within its three biggest fraud categories (Purchase, Investment and Impersonation). In particular, ​​TSB estimates that over 70,000 purchase fraud cases took place on Facebook Marketplace in 2022.

The letter also cites industry projections which estimate that without interventions, scams originating on Meta platforms could account for up to £250 million of push payment losses to UK households in 2023.

TSB has called on Meta to make five tech interventions including: the introduction of a secure payment mechanism to eliminate dangerous transactions on Facebook Marketplace; the banning of unregulated UK businesses from using Facebook and Instagram to advertise investments and financial products, including cryptocurrencies; a clear public commitment to investigating and, where confirmed, removing all content flagged as potentially fraudulent within 24 hours; filtering out of fraudulent adverts and social media posts such as those using terms like ‘cash flip’ or ‘crypto offer’; and a feature within WhatsApp that flags unknown numbers and warns users to check they are genuine.

Surmising the bank’s approach to fraud and Meta, Paul Davis, director of fraud prevention at TSB said: “Meta needs to face up to its responsibility: it has a duty of care to the millions of customers who use its platforms, which is all the more important when we see innocent people lose life-changing sums every day.

"Today, we have written to Meta demanding it puts in place the tech interventions urgently required to stem the tide of fraud and protect the many consumers who put faith in its services.”

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