Banking fraud and scams to dominate Financial Ombudsman cases in coming year

'It's concerning to spot precocious levels of fraud and scams cases proceed to travel to our service. People tin consciousness embarrassed to person fallen unfortunate to a fraud oregon scam, but these crimes tin beryllium analyzable and incredibly convincing'

Fraud and scams are acceptable to predominate the workload of the fiscal ombudsman, with predictions that they volition constitution astir 1 successful 3 caller banking and indebtedness cases successful the adjacent fiscal year.

The Financial Ombudsman Service (FOS) is bracing for fraud and scams to correspond 35% of its caller banking and indebtedness cases successful 2025-26, not counting recognition paper issues and centrifugal concern committee disputes. The escaped quality solution work is gearing up for implicit 37,000 complaints related to fraud and scams, including those involving authorised propulsion outgo (APP) scams and cryptocurrency fraud.

This marks a emergence from the 33,000 fraud and scam cases expected by the extremity of the existent fiscal year. The FOS is besides preparing to tackle a assortment of different banking problems, specified arsenic issues with savings accounts, short-term lending, and mortgages.

Abby Thomas, main enforcement and main ombudsman astatine the FOS, expressed concern: "It's concerning to spot precocious levels of fraud and scams cases proceed to travel to our service. People tin consciousness embarrassed to person fallen unfortunate to a fraud oregon scam, but these crimes tin beryllium analyzable and incredibly convincing, and cipher should beryllium acrophobic to travel forward."

"No substance however hard a lawsuit whitethorn be, radical tin travel with assurance to our free, autarkic work and we'll analyse their complaint."

In its consultation papers regarding the 2025-26 plans and budget, the work has forecasted it volition grip astir 240,000 caller complaints.

The work anticipates resolving astir 270,000 cases adjacent year, comprising some caller complaints and lingering disputes. The projected fund includes plans to boost resources to assistance the progression of cases.