Research commissioned by Bank of Ireland for its latest fraud awareness campaign reveals that 91% of its customers believe social media firms should be banned from profiting off fraudulent ads.
90% of survey participants also say that financial service advertisers on social media should be required to prove their legitimacy, Bank of Ireland added.
Bank of Ireland also said that seven in ten social media users do not trust social media companies to protect them from fraud and 73% distrust the ads they see on these platforms.
The bank said its fraud research, which was conducted by Red C in August, reveals that 83% of consumers believe that fraud is a big problem in society today, while 76% said the risk of fraud scams makes them wary when they shop online.
Meanwhile, 86% of those seeing fraudulent content on social media platforms said they saw it on Meta platforms, while 91% feel social media companies should not be allowed generate revenue from fraudsters placing ads on their platforms.
90% also feel that companies that advertise financial services on social media platforms should have to prove that the ads are genuine and the company is registered with the Central Bank.
Nicola Sadlier, Head of Fraud at Bank of Ireland, said that social media platforms have become a lucrative hunting ground for fraudsters and consumers are paying the price while technology giants gain revenue.
"With results from the latest RED C survey, seven in ten consumers now distrusting social media companies to shield them from fraud, and over 90% demanding an end to platforms profiting from scam ads, the message is clear - the public wants protection," she said.
"It's time for increased accountability, not just algorithms," she added.
Through extensive public affairs and PR activity, Bank of Ireland has been campaigning for a change in legislation to better protect consumers from fraud originating on social media channels.
The bank today also issued a warning about "pump and dump" WhatsApp investment scams - where fraudsters lure victims via fake social media ads to join an investment WhatsApp group.
Posing as a financial investment expert, the fraudster then spreads misleading information to group members about particular companies/stocks. Group members then buy the stock, the price is pumped up due to the increased demand and when the price peaks, the scammers sell (dump) their holdings at a profit, and disappear, Bank of Ireland explains.
Professor Mary Aiken said 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," the Professor said.
"Bank of Ireland's findings, which show that seven in ten users distrust platform protection and over 90% want an end to profits from scam ads, reveal an overwhelming public appetite for reform," 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. If platforms can target us to buy, they can target protections to keep us safe," she added.
