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Social media sites are wild west for shopping fraud, says UK bank | Scams

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Social media sites are wild west for shopping fraud says

More than two-thirds of all online shopping scams affecting UK consumers start on Facebook and Instagram, with social media now a “wild west” for fraud, according to one of Britain’s biggest banks.

Research from Lloyds Banking Group estimates that someone in the UK falls victim to a purchase scam originating in one of the two Meta-owned platforms every seven minutes – costing consumers more than £500,000 a week.

Lloyds said tech companies needed to contribute to refunds when their platforms are used “to defraud innocent victims”.

The intervention demonstrates a hardening of the battle lines between Britain’s banks and the tech firms – in particular Meta, which in addition to Facebook and Instagram also owns WhatsApp. Lloyds is the second bank in a month to publicly name Meta, after TSB said there had been a huge jump in the number of scams originating from sites and apps owned by the California-based company.

Just over a fortnight ago the banking industry body UK Finance accused social media companies of “profiting” from scams taking place on their platforms and called on them to reimburse victims.

The growth in online shopping has been accompanied by a surge in criminals tricking people into paying for goods and services that do not exist. Victims are lured by the promise of cut-price or hard-to-find items, often advertised via social media, and are typically asked to send money directly from their account to another account via bank transfer. Lloyds said that sometimes users “don’t know if the user profile and item are genuine”.

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Clothes, trainers, gaming consoles and mobile phones were among the most common goods being falsely advertised, said Lloyds.

The banking group said its research – based on an analysis of reported cases among its 25 million-plus retail customers – found that 68% of all purchase scams now started on Facebook (including its Marketplace site) and Instagram. This accounts for about 40% of the total amount lost to this type of scam, it added.

Combining its data with the latest industry figures, UK consumers are losing more than £27m a year through purchase scams originating from the two platforms, the bank said.

Liz Ziegler, the banking group’s fraud prevention director, said: “Social media has become the wild west of online shopping in recent years … This has left consumers increasingly exposed to ruthless fraudsters, with hundreds of new victims targeted every day and tens of millions of pounds flowing to organised crime gangs each year.”

She added: “It’s high time tech companies stepped up to share responsibility for protecting their own customers. This means stopping scams at source and contributing to refunds when their platforms are used to defraud innocent victims.”

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On 5 May, TSB said Meta-owned sites and apps accounted for 80% of cases within the bank’s three largest fraud categories: impersonation, purchase and investment.

Meta said that fraud and scams were “an industry-wide issue, and scammers are using increasingly sophisticated methods to defraud people in a range of ways including email, SMS and offline”.

It added: “We don’t want anyone to fall victim to these criminals which is why our platforms have systems to block scams, financial services advertisers now have to be Financial Conduct Authority-authorised, and we run consumer awareness campaigns on how to spot fraudulent behaviour. People can also report this content in a few simple clicks and we work with the police to support their investigations.”

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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