Increases in scams are trending in a “terrible direction”, according to financial complaints experts.


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KEY POINTS
  • Scam-related complaints increased 46 per cent in the past financial year according to the Australian Financial Complaints Authority.
  • The authority handled over 6,000 complaints.
  • Consumer finance complaints rose 34 per cent in 12 months to its highest ever level of 97,000 complaints.

Scam-related complaints increased 46 per cent in the past financial year according to the Australian Financial Complaints Authority, which handled over 6,000 cases.

The authority’s chief ombudsman David Locke said scam complaints had contributed greatly to the massive rise in consumer finance complaints, which rose 34 per cent in 12 months to its highest-ever level of 97,000 complaints.

“We witness first-hand the human cost of this serious and sophisticated financial crime,” Locke said.

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