Financial Fraud Reports Double In Past Year, Study Shows

By Irene Madongo (November 11, 2021, 3:24 PM GMT) -- The number of fraud complaints reported to the ombudsman has more than doubled in a year, with most involving consumers being conned into authorizing bogus payments, a consumer campaign group said on Thursday.

Complaints about fraud to the Financial Ombudsman Service shot up to 7,700 in the year ending March 31, up from 3,600 in the same period to March 2020, Which? said. Three out of four complaints were resolved in favor of the customer, the campaign group added in a report.

The report highlights how individual companies have been dealing with bank transfer and card scams, in which clients have been...

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