TSB chief says social media giants are cashing in on fraud

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The boss of one of Britain’s biggest banks has accused social media giants of aiding fraudsters and profiting from online investment scams during the pandemic. 

Debbie Crosbie, the chief executive of TSB, told The Mail on Sunday that ‘fraud is the next pandemic’, and condemned social media firms – which include giant platforms such as Facebook, Twitter, LinkedIn, Google Hangouts and Instagram – for their role in allowing victims to be duped. 

She said: ‘These companies are not just helping fraudsters, they’re effectively making money from them through advertisements.

Demand: Debbie Crosbie said tech firms should be legally obliged to vet advertisers and take down scam sites

‘Fraud is the next pandemic – it’s the fastest-growing crime. So much fraud has begun with social media companies hosting advertisements that are fraudulent. On so many occasions, we have had customers defrauded because they’ve logged on to websites and done their best…

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