Automated identification and recovery of faults are important and challenging issues for service-oriented systems. The process requires monitoring the system's behavior, determining when and why faults occur, and then applying fault prevention/recovery mechanisms to minimize the impact and/or recover from these faults. In this paper, we introduce an approach (defined FOLT) to automate the fault identification process in services-based systems. FOLT calculates the likelihood of fault occurrence at component services' invocation points, using the component's past history, reputation, the time it was invoked, and its relative weight. Experiment results indicate the applicability of our approach.