October 20, 2021

Warning over ‘dramatic’ spike in UK scams amid crypto fraud

The UK’s Financial Ombudsman Service saw a dramatic 66% rise in fraud and scams complaints in the first quarter of the 2021/22 financial year, from 5,025 cases to 3,028 year-on-year.

Over that period, 60% of fraud and scam complaints were upheld by the ombudsman, compared with 50% the previous year, it revealed in a statement on 24 September.

It highlighted that banks and other financial institutions “still need to do more to resolve complaints from their customers fairly before people are forced to seek help from the Financial Ombudsman Service”.

It’s a real concern that we are seeing such an increase in scams.”

Fraud and scam complaints continue to be one of the main drivers of complaints to the Financial Ombudsman Service, including problems caused by fraudsters posing as a customer’s bank and convincing them to move their money to a fake ‘safe account’ and consumers being scammed by paying for goods via a bank…

Read full article here: www.internationalinvestment.net