| Link(s): | Financial Ombudsman Service warns of increase in ‘hybrid’ scams (financial-ombudsman.org.uk) |
Context
New data shows that, in the 2022/23 financial year, FOS received almost 22,000 fraud and scam complaints, up by almost a fifth when compared to the 18,450 complaints it
received in 2021/22. A higher proportion of these complaints were what FOS has called ‘complex’ scam complaints.
Key points to note
- FOS is now seeing increasing numbers of complaints that feature more than one type of scam – so more ‘hybrid’ scams,
- ‘Hybrids’ are now common in romance scams (confidence tricksters), purchase scams (buying goods that don’t exist), and ‘safe account’ scams (fraudsters impersonating reputable companies).
- The uphold rate for fraud continues to remain higher than the Financial Ombudsman’s average for all financial products and services, which is 35%. The uphold rate for all fraud and scams, including APP scams, chip and pin fraud, ID theft and disputed transactions, is 45%. The uphold rate for APP scams is higher at 54%.
Next actions
None – for information and awareness.