FOS highlights record fraud and scam complaints

We previously reported on the last quarter’s record complaints figures to the FOS. It has followed up this data with details of fraud and scam complaints, which are at their highest ever quarterly level. In the last quarter:

• more than 8,700 fraud and scam cases were reported and
• over half of the complaints related to online bank transfers

The FOs noted that crimes are also becoming more complex, with some involving multiple banks.

Over half of the cases involving APP scams were not covered by the CRM Code. 49% of those that fell under the Code were upheld, and only 36% of those that did not.

The FOs noted a rise in claims resulting from opportunities the victims spotted on social media and then inadvertently pay fraudsters using credit or debit cards – and these payments are not covered by the CRM Code and will not be covered by the new PSR rules.