Data published by the Financial Ombudsman Service has revealed that fraud and scam complaints have hit their highest ever level.
The data showed that more than 8,700 scam cases were reported in a three-month period, with more than half of these being related to online bank transfers.
The Financial Ombudsman Service said that fraud is becoming ‘more complex and convincing’, with criminals involving multiple bank accounts.
In the first quarter of this financial year, 8,734 complaints were made regarding fraud and scams. Over half of these were related to customer-approved online bank transfers, termed authorised push payment scams.
Abby Thomas, Chief Executive and Chief Ombudsman of the Financial Ombudsman Service, said: ‘Being a victim of a fraud and scam is a horrendous experience – not just financially, but emotionally too. That’s why it’s disappointing to see complaint levels rising to even higher levels.
‘We often hear from people embarrassed to have fallen victim to a fraud, but these crimes can be complex and incredibly convincing, and nobody should be afraid to come forward.’
11/09/2024
View all >
28/05/2026
Record number of taxpayers file self assessment in April
A record 737,891 taxpayers filed their 2025/26 self assessment returns in April, according to figures from HMRC.
READ MORE
Late payment legislation is ‘historic’ moment
The UK government’s formal commitment to legislation to stamp out late payments is an historic moment, according to the Federation of Small Businesses (FSB).
UK growth forecast upgraded by IMF but risks remain
The International Monetary Fund (IMF) has upgraded its forecast for the UK's growth this year but warned the Iran war could hit the economy.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.