Link(s):

Financial Ombudsman sees 30% increase in “authorised” scam complaints (financial-ombudsman.org.uk)

Context

The Financial Ombudsman Service has published its quarterly data in relation to financial products – this covers the period July-September 2021. 

Key points to note

The published figure show that:

• FOS has seen a 30% increase in “authorised” scam complaints in the second quarter of this financial year, when compared to the same period in 2020/21. These complaints arise when a person or business is tricked into sending money to a fraudster posing as a genuine account holder.
• 4,488 complaints about fraud and scams were received from July to September 2021 of which over 60% were upheld in the consumers’ favour. Of this figure, 2,243 complaints were about “authorised” scams compared to 1,725 in July – September 2020.
• FOS has upheld 11% of business interruption insurance cases between July and September, which is lower than the 15% uphold rate in the previous quarter and significantly below the high point of 55% between January and March this year

Next actions

None – for information and awareness