Financial Ombudsman Service  

Fos complaints down 30% but another spike looms

Analysis of around a fifth of the investment fraud complaints received between April and June shows over half involved cryptocurrencies. 

A typical cryptocurrency scam, the Fos said, involves a consumer being persuaded to purchase crypto through a “legitimate intermediary” and sending money to what they believe is a genuine investment platform, but is really operated by fraudsters. Sometimes to the tune of tens of, or even hundreds of, thousands of pounds.

The Fos’ interim chief executive, Nausicaa Delfas, said: “Complaints about investment scams are currently the fastest growing type of fraud complaint that the Fos receives.

“We are concerned that, in current economic circumstances, people could be tempted to invest in fake investments. Our advice to consumers is be wary, conduct their own research, check the FCA [Financial Conduct Authority] register and contact the firm directly on the number listed.”