ALMOST THREE IN four social media users say they no longer trust the adverts they come across on social media platforms.

Meanwhile, close to 70% of social media users don’t trust the platforms to protect them from fraud and over three-quarters say the risk of fraud scams makes them “wary” when they shop online.

The research also found that 86% of people who have come across fraudulent content online saw it on Meta platforms, which includes Facebook, Instagram, and WhatsApp.

The research was commissioned by Bank of Ireland ahead of its latest fraud awareness campaign and the survey was conducted by Red C.

The survey also found that more than nine in ten people feel social media companies should not be allowed to generate revenue from fraudsters placing ads on their platforms.

Meanwhile, some 90% feel that companies that advertise financial services on social media should have to prove that the company is registered with the Central Bank.

The findings come as Bank of Ireland warns about “pump and dump” investment scams on WhatsApp.

These scams lure victims via fake social media ads to join an investment WhatsApp group.

The fraudsters in this group pose as a financial investment expert and spreads misleading information to group members about particular companies or stocks.

Group members then buy the stock, which sees the price pumped up due to the increased demand.

But when the price peaks, the scammers sell (dump) their holdings at a profit and disappear.

Nicola Sadlier, head of fraud at Bank of Ireland, warned that social media platforms have become a “lucrative hunting ground for fraudsters”.

“Consumers are paying the price while technology giants gain revenue,” she added.

She noted the research findings and remarked that “the message is clear – the public wants protection. It’s time for increased accountability, not just algorithms”.

Bank of Ireland’s new fraud awareness campaign launches with the theme “Not all social is social”, which aims to highlight the threat of fraud originating via social media platforms.

Meanwhile, Bank of Ireland said it has used its “extensive public affairs and PR activity” to campaign for a change in legislation to better protect consumers from fraud originating on social media channels.

Mary Aiken, a professor of cyberpsychologist, warned that “fraud online is now an industrialised, platform-enabled phenomenon”.

“Scammers leverage the same targeting and engagement tools legitimate advertisers use; the difference is that families and businesses bear the cost,” she added.

She said the “solution is safety by design, verifying financial advertisers, building friction and warnings into investment journeys, and enforcing clear accountability when systems enable harm”.

Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds.

Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.

Ever wondered how disinformation spreads so rapidly – or who is behind it? Check out our FactCheck Knowledge Bank for essential reads and guides to finding good information online.