Ombudsman Service Records Highest Level of Fraud, Scam Complaints

The number of fraud and scam complaints recorded by an ombudsman that settles cases between consumers and financial services providers has jumped to a record level. The Financial Ombudsman Service (FOS) reported on Wednesday that the first quarter of this financial year was marked with more than 8,700 fraud and scam cases. This is a jump from 6,094 cases reported in the same period last year. Over half of these cases related to online bank transfers, where customers fall victim to what is known as authorised push payment (APP) scams. The ombudsman also recorded a rise in complaints, where people spotted investment opportunities on social media and paid fraudsters using debit or credit cards. In the first three months of this financial year, 1,500 of these complaints were logged, compared to 1,100 last year....