Tech companies made an estimated €32 million in revenue from scam social media adverts in Ireland, new data has found. 

The research, which was carried out by marketing firm Juniper for Revolut, concluded that one in 10 adverts shown to Europeans on social media could be described as fraudulent. 

“They did a research into the adverts that are coming through and they found that the average Irish user encounters 164 scam ads every month,” Newstalk Business Editor Joe Lynam explained on Newstalk Breakfast. 

“It's projected to rise to 215 based on current trends a month and the average amount of money lost due to these scam ads on social media reaches just over €1,500.

“Now, that is a chunk of change if you do fall victim to these awful things.”

A woman scrolling through social media. Picture by: Iryna Khabliuk.

Overall, the average Irish social media user encountered fewer scam ads, 164, than the average person on continental Europe, who saw 190.  

However, the average Irish person lost more money to scam ads than a typical European, suggesting Irish scams are more sophisticated. 

“Revolut has been criticised of late for not refunding customers who have fallen victim to these scam ads, whereas quietly the pillar banks do tend to refund these scam ads,” Mr Lynam added. 

“So, this is a pushback from Revolut saying, ‘Listen, our research says the culprits are actually the big social media giants.’”

Central Bank of Ireland data found that 80% of fraudulent payments in Ireland originate on social media.

Main image: A person falling victim to a scam social media advert.