The Financial Ombudsman Service (FOS) has warned consumers to be wary of a growing number of financial scams after complaints to the FOS about scams and fraud topped 31,000 last year.
Financial Ombudsman data revealed that about 20,000 of the 31,300 complaints about fraud and scams in 2025 - roughly two thirds - were from people who authorised payments to scammers, known as 'push payments.'
The FOS has urged consumers to “stop and think” before transferring money to anyone offering opportunities that sound too good to be true.
The body said that anecdotally, over half of the 20,000 authorised payment scam complaints relate to online investment scams.
Online investment scams often begin with ads on social media or search engines prompting ‘high-return’ opportunities, frequently linked to cryptocurrency. Victims may encounter fake celebrity endorsements or deal with supposed ‘account managers’ who promise fast and guaranteed profits, the FOS said.
Many of the scams target consumers trying to improve their financial situation by achieving a higher rate of return.
These scams can often start with a small investment that appears to grow quickly, according to the FOS. Victims are then encouraged to invest larger sums, only to be told they must pay fees, taxes or charges before they can withdraw the money. In reality, the money is lost to the scammer.
Online investment scams are by far the most complained about scam type the Financial Ombudsman sees, followed by employment scams.
In many cases the crooks use authorised push payment (APP) scams, where people transfer money directly from their bank account or debit or credit card to pay a fraudster. Often criminals manipulate victims into sending money – under pressure or through false pretences. In both situations, the payment is treated as authorised by the financial provider and can be processed in seconds.
Patrick Hurley, Ombudsman director at the Financial Ombudsman Service, said: “Financial concerns can make it easier for fraudsters to tempt people by promises of easy money with high-commission online jobs, or by investing in cryptocurrency. Be wary of these opportunities.”