Channel Islands See Surge in Fraud and Scam Complaints

The Channel Islands Financial Ombudsman reported a rise in fraud and scam complaints in 2023, with a total of 562 complaints, up from 500 in 2022. Banking fraud complaints increased to 22 from five in the previous year. Account closures without explanation were also noted. The ombudsman resolved 343 cases, up from 309 in 2022, with 67% of cases closed without issuing a final decision.

The Channel Islands Financial Ombudsman (CIFO) reported a notable rise in fraud and scam complaints in 2023.

According to the annual report, complaints about financial services increased to 562 in 2023 from 500 in 2022.

Fraud and scam complaints specifically rose to 22 from five in the previous year.

Banking issues, such as account closures due to suspected fraudulent activity, also saw an uptick.

Customers often were not provided reasons for these closures.

Additionally, CIFO closed 343 cases in 2023, up from 309 in 2022, with 67% resolved without requiring a final decision from the ombudsman.

Nearly half of the complaints were closed within the month they were received.