Scams set to account for third of banking and loan cases in 2025-26 – ombudsman
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Fraud and scams are expected to account for around one in three new banking and loan cases dealt with by the financial ombudsman in the next financial year. The Financial Ombudsman Service (FOS) predicts fraud and scams will account for 35% of its incoming banking and loan cases in 2025-26, excluding credit cards and motor finance commission.
The free dispute resolution service is predicting more than 37,000 fraud and scams complaints, including cases involving authorised push payment (APP) scams and cryptocurrency fraud. This is an increase on the 33,000 fraud and scams cases the service is forecast to have received by the end of the current financial year.
People can feel embarrassed to have fallen victim to a fraud or scam, but these crimes can be complex and incredibly convincing, and nobody should be afraid to come forward. Other banking issues the service is likely to see include problems with savings accounts, short-term lending and mortgages.
Abby Thomas, chief executive and chief ombudsman at the FOS, said: “It’s concerning to see high levels of fraud and scams cases continue to come to our service. “People can feel embarrassed to have fallen victim to a fraud or scam, but these crimes can be complex and incredibly convincing, and nobody should be afraid to come forward.
“No matter how difficult a case may be, people can come with confidence to our free, independent service and we’ll investigate their complaint.”. In a recently-published consultation on its 2025-26 plans and budget, the service projected caseload levels of around 240,000 new complaints.