'Authorized' Scam Complaints Jump 30%, Ombudsman Says

By Irene Madongo (November 24, 2021, 5:06 PM GMT) -- The financial ombudsman reported on Wednesday that complaints about "authorized" scams surged 30% in the second quarter of this financial year to more than 2,240 cases compared with 1,725 in the same period in 2020.

The Financial Ombudsman said most of the complaints between June and September were about what it describes as "authorized fraud," where people or firms are conned into transferring money to a scammer pretending to be a genuine account holder. The agency added that almost three quarters of the "authorized" scam complaints that it receives are about consumers not getting the goods or services that they have ordered. Investment...

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