Fraud and Scam Complaints Reach Record Highs

Financial Ombudsman Service reports a surge in disputes, highlighting the evolving tactics of fraudsters.

Complaints about fraud and scams hit 8,734 in three months, the highest since 2018.
More than half of the cases involve authorised push payment scams, where victims approve transfers to fraudsters.
New mandatory reimbursement rules will take effect in October, aiming to speed up victim compensation.
Social media investment scams and multi-stage frauds are significant contributors to the rise in complaints.
Experts advise vigilance and double-checking requests for money or personal information to avoid scams.