Meta platforms at the heart of Oasis ticket scams, Lloyds reveals
Meta-owned platforms, particularly Facebook, have become the primary breeding ground for last year’s surge in Oasis ticket scams, according to recent data from Lloyds Banking Group.
The bank’s research highlighted that over 90 per cent of reported scams targeting Oasis fans originated on social media, with a staggering 56 per cent of all reported concert ticket fraud linked to the band’s upcoming reunion tour.
Lloyds noted that over £2m has likely been lost to scammers since the tickets for the highly anticipated tour went on sale last year, with victims losing an average of £436 each – substantially more than the average concert ticket scam loss.
Scammers have been exploiting Meta’s platforms, using fake posts and listings to lure fans into purchasing non-existent tickets at inflated prices.
Liz Ziegler, Loyd’s fraud prevention director, said: “The sheer scale of these scams and their origins on platforms like Facebook underscores the urgent need for social media companies to step up their efforts in combating fraudulent activity.”
“With millions at stake, it’s crucial for consumers to be vigilant, especially when purchasing tickets through unofficial channels”.
Though Meta has policies in place to prevent scams, the volume and frequency of fraudulent listings have drawn attention, leaving many victims financially hurt.
The scale of this issue continues to grow, with criminals taking advantage of the massive demand for Oasis tickets and the widespread use of Meta’s social media platforms.
Given the scale of fraud, consumer experts are urging fans to stick to official ticket sellers and remain cautious when approached by unknown sellers on social media.
The Competition and Markets Authority (CMA) demanded changes to how Ticketmaster labels tickets and displays pricing information, following widespread complaints from fans who felt shortchanged.
Hayley Fletcher, interim senior director of consumer protection at the CMA, said that “fans reported problems when buying Oasis tickets from Ticketmaster, and we decided those concerns warranted investigation.”
“We now expect Ticketmaster to work with us to address these concerns, so, in future, fans can make well-informed decisions.”
Meta has been approached for comment.