The news: A study commissioned by UK Bank TSB found that 55% of people who acted on financial advice found on social media lost money. This highlights the substantial risk associated with such advice and a real opportunity for banks to build brand trust online.

The details: Financial advice is prolific on social media—with 90% of survey participants seeing investment opportunities promoted on social media, and nearly half of these considering acting on it, per the TSB study. Some financial regulators are actively working to protect consumers from influencers who illegally promote financial products without proper authorization. But not all consumers fact-check or verify the sources of the advice they receive online before acting on it. And some of the advice that has caused viral financial trends has even influenced consumers to commit crimes (e.g., fraudulently withdrawing money from Chase ATMs).

What this means for banks: Financial institutions (FIs) have a role to play in dispelling financial misinformation on social media. In addition, they have a chance to build trust with young social media users, especially when responding to viral trends with facts and informing consumers whether they should take the steps recommended in viral videos.