Banks and other financial institutions still need to do more to clear up customers’ scam complaints before they reach the ombudsman, the Financial Ombudsman Service (FOS) has said.
The number of fraud and scam complaints where the ombudsman has been asked by customers to step in has jumped by two-thirds in recent months.
Some 5,025 cases in which people were asking for help with fraud and scams were recorded in the first quarter of the 2021/22 financial year.
This was a 66% increase compared with 3,028 cases in the same period during the previous year.
Cases include fraudsters posing as a customer’s bank and convincing them to move their money to a fake “safe account” and consumers paying for goods by bank transfer but not receiving what they paid for.
Six in 10 (60%) of the most recent cases were upheld in consumers’ favour, up from half (50%) a year earlier.
This suggests that banks and other financial institutions still need to do more to…