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Nearly £1 million lost to social media hackers in the UK over the past year

Nearly £1 million lost to social media hackers in the UK over the past year

  • 17.03.2025 06:01
  • express.co.uk
  • Keywords: Social Media Scams, Fraudulent Activities

Hackers targeted social media users in the UK, causing nearly £1 million in losses last year. Older individuals were often victims due to weaker security awareness. Authorities and tech firms are collaborating to promote two-step verification to combat these scams.

Meta ReportsMETAsentiment_satisfied

Estimated market influence

Action Fraud

Negativesentiment_dissatisfied
Analyst rating: N/A

They are a reporting service for fraud and cybercrime. They have reported a significant rise in social media scams.

Meta

Meta

Positivesentiment_satisfied
Analyst rating: Strong buy

Owners of Facebook, they are collaborating with UK police to combat social media scams by supporting 2-Step Verification.

Context

Analysis of Social Media Scams in the UK

Key Facts and Data Points

  • Total victim reports in 2024: 35,434 (up from 22,530 in 2023)
  • Financial loss in 2024: Nearly £1 million
  • Target demographic: Older individuals less familiar with security settings
  • Common motives for hacking: Investment fraud, ticket fraud, and account theft
  • Collaboration: UK police partnered with Meta (Facebook owner) to promote 2-Step Verification

Market Trends and Business Impact

  • Rising cyber threats: Social media scams have surged by over 57% year-over-year.
  • Targeted vulnerabilities: Older users are disproportionately affected due to lower digital literacy.
  • Cost implications: Nearly £1 million lost highlights the financial burden on individuals and businesses.

Competitive Dynamics and Strategic Considerations

  • Tech company response: Meta supports police efforts by promoting 2-Step Verification, enhancing user trust.
  • Brand reputation: Companies like Meta face pressure to improve security measures to avoid reputational damage.
  • Opportunity for cybersecurity firms: Increased focus on online protection could drive demand for additional security services.

Long-Term Effects and Regulatory Implications

  • Potential regulatory action: The rise in scams may prompt stricter regulations on social media platforms.
  • Shift in consumer behavior: Greater emphasis on online security could lead to higher adoption of 2FA (two-factor authentication).
  • Industry impact: Businesses reliant on digital platforms may face increased costs for cybersecurity measures.

Strategic Recommendations

  • For individuals: Enable 2-Step Verification and regularly review account security settings.
  • For businesses: Invest in robust cybersecurity infrastructure and partner with law enforcement for proactive threat mitigation.
  • For regulators: Consider implementing mandatory security protocols to protect vulnerable populations.