Treasury Committee publishes FOS economic crime evidence

The Treasury Committee’s hearing on economic crime continues, and it has recently heard evidence from FOS. FOS received 8,500 complaints about fraud and scams in 2017/18 and has received over 10,000 this financial year to date. Around a quarter of fraud and scam cases are about APP fraud and another quarter about unauthorised payments.  FOS thinks improvements could be made to how fraud issues are addressed by policymakers. It also receives around 60 complaints a week about bank account closures, which may be about de-risking and can become complex when POCA issues may be involved.