The Prime Minister is supporting our campaign to stop people losing millions to criminal scams

The Prime Minister has backed Money Mail’s campaign to tackle social media fraud after we revealed the shocking scale of the online problem.

Rishi Sunak has strongly supported our calls for tech companies to do more to protect their users from the rise of fraudsters as their platforms have become a breeding ground for fraud.

He said: “The Mail is rightly shining a light on the devastating impact of online scams that are ruining people’s lives.”

“We must take a stand against these fraudsters if we want to stop them cheating people out of their hard-earned money, and that means everyone doing their part to tackle these crimes.”

Our research found that scams on Facebook, WhatsApp or Instagram – all owned by social media giant Meta – account for a staggering 16 percent of all crimes recorded in the UK.

Pledge: Prime Minister Rishi Sunak (pictured) has strongly supported our calls for tech companies to do more to protect their users from the rise of fraudsters

In total, 1.1 million people fell victim to scams linked to the social media company’s platforms last year.

Mr Sunak today promises to take action to force companies to join the fight against fraud.

He says: “Alongside our new anti-fraud strategy, we are also bringing forward new legislation to ensure tech companies make protecting people from fraud a top priority, otherwise we risk tough penalties, and we are working with industry to to strengthen security measures on the Internet.” .

“We must work together to stop the fraudsters and I am committed to using every tool at our disposal to keep people safe.”

In May, the government published its “fraud strategy,” a five-year plan aiming to reduce crime by 10 percent by December 2024 compared to 2019.

It singled out online tech giants and claimed they needed to do more to stop criminals exploiting their services. New laws will soon make it harder for con artists to post fake ads.

The long-awaited Online Security Bill entered its final stages yesterday, returning to the House of Commons after making its way through the Lords.

The bill was first presented to Parliament 18 months ago.

The largest and most popular social media platforms such as Facebook and Instagram must prevent paid, deceptive advertising from appearing on their websites and applications.

Companies must crack down on fake ads, including posts that have been “boosted” on social media if a user has paid to promote them more widely.

Unregulated: Online shopping fraud has become one of the biggest risks for social media users as sales sites are allowed to operate with little to no protection

The new rules aim to improve internet users’ protection from the potentially disastrous effects of fake advertising, including when fraudsters impersonate celebrities or trusted companies to steal personal information and swindle money.

Elsewhere, anti-fraud “champion” and MP Anthony Browne is currently working on a “tech charter” to set new voluntary targets for companies to reduce fraud.

But we fear that neither the new laws nor the tech charter go far enough to stamp out fraud, and that slow progress in the meantime will leave millions of people vulnerable to fraudsters.

A report from Nationwide and think tank Social Market Foundation warns there are concerns the charter will not make a significant difference.

Currently, tech companies are not required to contribute to the cost of compensating victims who lose money because they fell for scams originating from their platforms.

They are subject to little regulation regarding user verification and removal of fake investments posted by criminals on their platforms.

We believe everyone has a part to play in the fight against fraud – and for too long social media giants have shrugged off their responsibility.

Online shopping scams have become one of the biggest risks for social media users as sales sites are allowed to operate with little to no protection.

Following the Prime Minister’s endorsement, Money Mail is calling on Mr Sunak to ensure sales sites offer users secure payment systems to buy and sell.

Today we’re sounding the alarm about Facebook Marketplace – a trading platform that allows all users to buy and sell used items.

Read the shocking results of our investigation into Facebook Marketplace here.

Strategy: In May, the government released its “fraud strategy,” a five-year plan aiming to reduce crime by 10% by December 2024 compared to 2019 levels

The site has grown into a behemoth with more than a billion users just seven years after its founding.

However, it is a focal point for international fraudsters who profit from the site’s lack of customer protection.

We believe tackling the gaping holes in the site’s payment security should be a top priority for a Prime Minister committed to tackling social media fraud. British banking insiders have warned of losses

Fraud on the social media giant’s buying and selling platform has become so common that bank call centers handle more cases of this type than any other type of purchase fraud.

Ben Donaldson, head of economic crime at banking and trading body UK Finance, said: “Our focus is on preventing fraud in the first place and Money Mail’s campaign calls for key things that would make a real difference.”

In the UK, Facebook does not have an integrated payment service like eBay with PayPal or Amazon with its credit and debit card payment functionality.

This means Facebook shoppers often use bank transfers to send money directly, putting them at far greater risk of fraud.

Robin Bulloch, chief executive of TSB, tells Money Mail that the move is “quite easy” for tech giants.

“Many transactions on Facebook Marketplace simply occur in escrow through direct bank transfers to “sellers,” which then disappear once they receive the funds,” he says.

Matt Hammerstein, CEO of Barclays UK, said: “It is vital that technology companies offer secure payment and ID verification systems and only allow funds to be transferred via secure platforms to ensure the protection of their users.”

Liz Ziegler, head of fraud prevention at Lloyds Banking Group, says more than two-thirds of purchase scams start on Facebook and other Meta-owned platforms – disproportionately more than competitors.

“Almost every major online marketplace has a payment mechanism built into their platform. While this does not make them immune to fraud, it does provide a significant deterrent to fraudsters and provides greater protection for buyers and sellers.”

“It seems inconceivable that Facebook Marketplace – one of the largest online marketplaces in the world – does not, as far as we can see, provide such protections.”

A Meta spokesperson says: “Facebook Marketplace is primarily a local, cash-based listing service, so we do not offer the option to pay for or ship an item through our platform.”

“Unfortunately, fraudsters are using increasingly sophisticated methods to defraud people by taking conversations away from our platforms where we cannot enforce them, including via email and SMS.”

“We don’t want anyone to fall victim to these criminals. That’s why our platforms have systems in place to block fraud, financial services advertisers are now required to have FCA authorization and we run consumer education campaigns to spot fraudulent behavior.”

“This is an industry-wide problem and our work in this hostile space is never done. We encourage anyone who discovers fraud to report it immediately so we can take action.”

j.beard@dailymail.co.uk