Which? response as Action Fraud figures show more than £63m lost to investment scams posted on social media

Rocio Concha, Director of Policy and Advocacy at Which?, said:

“Online investment scams have a devastating financial and emotional impact on victims and our research has shown that the current reactive approach taken by social media platforms is not fit for purpose.

“The government has now recognised that the major online platforms we interact with every day have a responsibility to protect their users from scams. It is essential that the Online Safety Bill gives them a legal responsibility to prevent, identify and remove fake and fraudulent content on their sites – including the vast number of adverts and websites used by fraudsters.”

Notes to editors

  • Google and Facebook failing to remove online scam adverts reported by victims, Which? finds
  • Over a third (35%) of 1,600 social media users said they didn’t know how to report a suspicious advert seen on social media channels. Opinium, on behalf of Which?, conducted an online survey of 2,000 nationally representative UK adults aged 18+ between 19th and 23rd February 2021.
  • A separate Which? survey of 206 investment scam victims found that four in 10 were targeted via online methods. Online methods included via email (12%), search engines (10%), adverts on Facebook (9%) or other non-social media/search engine online adverts (8%).