CI Financial Ombudsman says fraud cases are getting in the way of its core job of dispute resolution.
We are all used to fraud warnings issued by banks and some of us have fallen victim to scammers.
But as our reliance on technology increases so does the number of fraud attacks and the subsequent number of cases referred to the office of the Channel Islands' Financial Ombudsman.
In its annual report, published today, 24 July, it highlights that banking fraud cases, where both the customer and the bank are defrauded, rose by 195% in 2024.
The Ombudsman says the customer is seen as the weak point in the payment process and the techniques used to exploit this are becoming more sophisticated.
It says the spike in cases was 'almost entirely attributable to a single Financial Services Provider.'
Banks closing customer's accounts was also an issue.
Jersey had far more banking cases, while in Guernsey the insurance sector, and a single provider, caused a spike in cases.
The office received 577 complaints last year and dealt with 565.
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