Brussels – Ombudsfin, Belgium’s financial services mediation service, recorded 8,857 requests in 2024, marking a 5.8% increase from the previous year, according to figures released by the organization on Monday.
Despite the overall rise in complaints, phishing-related grievances saw a significant decline, while other forms of financial fraud and disputes over banking services surged.
Fraud cases remained the primary concern for complainants. However, reported phishing incidents—cases involving the theft of personal data via fraudulent online schemes—dropped sharply to 634, a 26.4% decline from 2023.
The decrease in phishing complaints comes amid increased awareness campaigns and stricter security measures implemented by financial institutions.
Conversely, other types of fraud saw an uptick. Investment fraud cases increased by 30%, rising to 77 reported cases, while complaints related to other fraudulent activities—including job scams, fake websites, and security account frauds—climbed to 155, a 4% increase compared to the previous year.
Another notable trend was the rise in complaints concerning the termination of banking relationships. The number of such cases surged from 159 in 2023 to 235 in 2024.
Complaints regarding savings accounts also doubled, jumping from 31 to 64, reflecting growing consumer concerns about financial services and banking policies.
Ombudsfin highlighted a considerable rise in grievances against payment institutions. In 2024, 372 complaints were lodged, nearly doubling the 195 reported in 2023.
These complaints accounted for almost 17% of all cases handled by the mediation service. Meanwhile, complaints against traditional credit institutions showed a marked decline, dropping from 1,948 cases in 2023 to 1,659 in 2024.
Among the 2,229 cases handled during the year, 894 (41%) were deemed valid, representing a slight decrease compared to previous years.
However, Ombudsfin reported an improvement in its mediation success rate. Consumer complaints saw an 81.3% resolution success rate, up from 70.2% in 2023, while all business-related complaints were successfully resolved, reflecting a 100% success rate.
Ombudsfin’s latest report underscores shifting trends in financial disputes, with phishing scams becoming less dominant while other fraudulent schemes and banking service complaints continue to rise.
The data suggests that while consumers may be better protected against internet-based fraud, financial institutions still face challenges in maintaining customer trust and satisfaction.
As financial services evolve, Ombudsfin’s role remains critical in mediating disputes and ensuring that consumer concerns are addressed effectively.
The organization continues to urge vigilance against fraud while emphasizing the importance of transparency and customer service in the banking and payments industry.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
