Meta files financial services fraud complaint


Meta has partnered with a financial services company to file a joint complaint against two Nigerians for engaging in fraudulent activities, a company claims blog post published on Tuesday (8 February).

The individuals allegedly carried out phishing attacks to gain access to online users’ financial accounts.

According to the post, the individuals orchestrated phishing attacks between March 2020 and October 2021, during which they lured Facebook and Instagram users to websites that would phish them and compromise their financial accounts.

The defendants used a network of computers to control more than 800 accounts on social media sites, evading technical enforcement measures.

Meta has reportedly already taken action against the pair, including deactivating their social media accounts, blocking impersonating domains and sending a cease and desist letter. Those efforts are still ongoing, and the blog says this lawsuit will be a “clear signal” that such behavior will not be tolerated.

“Impersonation scams are a serious challenge, and this action represents a major step forward in cross-industry collaboration against this abuse,” the company blog reads. “Meta has filed this action in the United States District Court for the Northern District of California, alleging violations of Facebook and Instagram’s Terms and Policies.”

Along with a massive digital shift, IT departments are struggling to combat cyberattacks and other miscellaneous frauds.

Read more: When it comes to payment fraud, criminals get big

As PYMNTS reported last month, the threat of fraud has increased as fraudsters use their “tested arsenal” of tools to scan various systems for vulnerable patches. Phishing was listed as one of the primary means of doing this, and it has continued to evolve today, the report says.

Furthermore, hackers have also used social engineering tricks to try to trick users into using fraudulent data and allowing them to access sensitive information.



On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.


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