WhatsApp scams spiked by nearly 65 per cent in Ireland, Revolut warns
Eva Osborne
Revolut has highlighted that Irish consumers are being increasingly targeted by WhatsApp scams, losing on average €1,200, despite the perceived security of the encrypted messaging platform.
The bank is warning customers to be vigilant.
Revolut’s analysis showed that only those in the UK were more vulnerable to WhatsApp fraud than the Irish out of all the countries in Europe.
Ireland ranked as the second worst affected in 2024 with the rising number of WhatsApp scam cases highlighting a common misconception among consumers: encrypted messaging platforms like WhatsApp, while private, offer little protection against fraud, and are being actively targeted by criminals across Ireland.
Revolut’s analysis of fraud data across its European markets showed scams originating on WhatsApp spiked by close to 65 per cent in Ireland from H1 to H2 in 2024, while Irish cases represented 12 per cent of all fraud.
The average loss per WhatApp scam was €1,200, substantially more than the €260 average loss originating from Facebook scams.
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 from H1 to H2 2024, whilst Instagram scams rose 64 per cent during the same period.
Revolut has released its third Consumer Security and Financial Crime Report, revealing the rapidly evolving tactics of fraudsters across its markets.
The report highlights that Meta platforms remain the biggest source of all scams globally (58 per cent) in 2024. This compares to Google platforms, which accounted for 0.09 per cent of all fraud cases, proving that big technology companies can successfully tackle fraud at its source.
Head of Financial Crime at Revolut, Woody Malouf, 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, General Manager at Revolut Bank - Ireland Branch, Malcolm Craig, 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. If you’re in doubt, immediately contact Revolut Support, which is available 24/7.”
