The Financial Ombudsman Service in UK Warns of Increased Scam Complaints

The Financial Ombudsman Service in UK Warns of Increased Scam Complaints

The UK’s Financial Ombudsman Service (FOS) received nearly 40 443 complaints in the last quarter of this year, all having to do with investment scams and similar fraudulent schemes. This is a 30% increase from last year’s numbers from this Q2 period.

FOS commented in its press release that a high number of complaints have been witnessed in Q2 of this year concerning frauds and scams. It goes on to say that a large chunk of the complaints that they receive are these so-called “authorized frauds”, best described by the FOS as a “person or business is tricked into sending money to a fraudster posing as a genuine account holder”

The service warned of an alarming spike in the overall number of scams, as well as a general increase in authorized frauds. The FOS calculated that about 2200 authorized frauds complaint were issued with it during this year alone, and who knows how many of these there really are. The Financial Ombudsman Service encouraged users to exercise due diligence before investing in any trading opportunity.

The good news here is that the FOS outlined a general decline in pandemic-related scammer products and services. For example, Bounce Back Loan Scheme and Insurance complaints dropped in the last yearly quarter.

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