Reports Of Financial Fraud Soar As MPs Grill Lenders

Law360, London (February 13, 2019, 3:23 PM GMT) -- Reports of financial fraud are rising and have already topped 10,000 this fiscal year, the U.K.’s financial ombudsman revealed on Wednesday, as the complaints service said it is battling a surge of complaints about economic crime.

The figures were published as Parliament's Treasury Committee questioned banks on measures to fight financial fraud and scam artists.

Caroline Wayman, chief executive of the Financial Ombudsman Service — which arbitrates in disputes between banks and consumers — told committee chairwoman Nicky Morgan that the service has failed to "get to grips" with nearly one in 10 cases it handled in 2018. Wayman also admitted that victims...

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