The reported infiltration of fraudulent activity taking place on Meta will raise alarms for iGaming stakeholders, with the social media network continuing to be cited as a key driver of traffic to the unlicensed gambling market.
However, data from the UK banking giant underpinned the scale of the task facing Meta, as it thwarts the illicit content proliferating its network.
Lloyds’ Head of Fraud outlined that two-thirds of fraud reports were targeted towards Meta customers. The fraud expanded into various sectors, from ticketing to clothes sales.
It also tapped into key events on the calendar when social engagement is highest, which will draw concern ahead of the World Cup this summer.
An aggressive external approach is being taken to the fraudulent activity, with Richardson Hartley Law and Humphries Kerstetter confirming they are forming a group legal claim for scam victim..