Social media platforms should respect Online Fraud Charter, says TSB

Facebook Marketplace scams currently account for 73% of all purchase fraud cases at the bank.

by Barbara Pianese

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UK-based bank TSB has issued a warning to avoid making online purchases on Facebook Marketplace, as more than a third of the adverts tested on the platform could be scams.

TSB’s fraud team, which carried out its research last November, sampled 100 Facebook Marketplace posts and engaged with the seller to determine whether the items were genuinely for sale.

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Barbara Pianese

Barbara Pianese is the Latin America editor at The Banker. She joined from Mergermarket, where she spent four years covering mergers and acquisitions across Europe with a focus on the consumer sector. She holds an MA in International and Diplomatic Affairs from the University of Bologna having studied in Brazil and France as well.