Community

The expectation that there will be an increase in the number of complaints linked to scams comes as no surprise. We saw UK Finance reporting earlier in the year that while value has reduced, the number of fraud cases related to APP has continued to grow, with close to 80% of those cases originating from online sources.

I applaud the Financial Ombudsman Service's (FOS) ambition to resolve 90% of cases in 12 months. However, it is essential to address the root cause of these scams. We need to put a stop to the complaints being made to the FOS in the first place. By doing so, we can create a more effective solution that will benefit all parties involved.

Until social media is forced to take responsibility for the scams and for refunding those who are defrauded, they have little incentive to implement the type of controls that would prevent the scams in the first place. Let's work together to create a safer online environment for everyone.