The Financial Ombudsman Service had approximately 13,908 open complaints related to fraud and scams as at 10 February 2022.
This data was revealed through a Freedom of Information (FOI) request sent to FOS by Money Marketing.
Money Marketing understands that the vast majority of those complaints involve an element of cyber/online activity.
Interactive Investor personal finance campaigner Myron Jobson said: “Unscrupulous criminals will stop at nothing to commit fraud, and many have been attempting to cash in on the escalating cost of living crisis by targeting people trying to beat the financial squeeze.
“It is difficult to use the internet without encountering something that looks like a scam advert – and there are also malicious ads that aren’t easily discernible to contend with, which makes surfing the web a minefield.
“The hope is the Online Safety Bill will go some way in plugging the flood of financial scams.
“Scams were once easily recognisable. From the ill spelt unsolicited emails from someone from afar purporting riches to share, to notifications of lottery wins, fraudsters are now adopting increasingly sophisticated methods to swindle people out of their hard-earned cash.”
Jobson pointed out that online scams have broader psychological and emotional impacts in addition to financial losses. Those can linger and cause distress well after the scam is over.
He added: “We all need to remain on our guard against scams.
“Never trust anyone wanting…
