The news: Up to 71% of the financial advice on TikTok could be misleading banks’ customers, per a recent study by trading advisor Social Capital Markets.

That’s based on an analysis of 2,407 popular finance-related videos on TikTok, YouTube, and Instagram videos.

Why that’s a big problem: Financial misinformation on social media costs can cost financial institutions (FIs) a lot of their resources. We’ve covered how social media advice can inspire banking customers to make irresponsible—and sometimes illegal decisions. And this aligns with the Social Capital Markets’ findings:

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