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FOS anticipates 37,000 fraud and scams complaints next financial year

The FOS expects fraud and scams to account for 35% – or 37,000 – of incoming banking and loan complaints in the coming financial year. This is an increase on the 33,000 fraud and scams cases it forecast to have received by the end of the current financial year.

In addition to APP scams, cryptocurrency fraud and ‘safe account’ scams, it anticipates further issues with savings accounts, short term lending and mortgages.

The FOS highlighted that the 35% figure does not take into account cases related to credit cards and motor finance commission. It also encouraged stakeholders to engage with its plans and budget consultation (which closes on 29 January), and its joint call for input with the FCA on modernising the redress system (which closes on 30 January).

Laura Wiles