The study estimated that for every 10 pounds ($12.48) spent on social media advertisements to promote fake news, as much as 1 million pounds in customer deposits could be moved. This calculation was based on the average deposits held by UK customers, the cost of digital ads, and estimates of audience reach.
Banks and Regulators Respond
Experts emphasize the need for financial institutions to implement robust media and social media monitoring systems. These should be integrated with withdrawal tracking mechanisms to detect patterns indicating that disinformation is influencing customer behavior.
Revolut’s head of financial crime, Woody Malouf, affirmed that the London-based fintech firm is actively monitoring threats in real-time. “Whilst we believe an industry event like this is unlikely, it is still possible, so it’s essential that financial institutions are prepared,” he said.
Malouf also urged social media platforms to take greater responsibility in preventing the spread of harmful financial misinformation.
