More scams drive complaints to highest level in 20 years

Fraud and scam-related disputes account for nearly half of all claims.

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) received 4,355 claims in FY2024/2025, the highest in two decades and a 50% jump from the 2,894 filed the year before.

The rise is attributed to the growing scam activity, higher dispute volumes across most financial institution categories, and increased public awareness of the centre’s role.

Fraud and scam-related disputes rose to 1,285 claims, a 55% increase, and now account for nearly half of all claims in FIDReC, up from 38% previously.

Of the claims received, 2,646 claims were accepted for handling, up 22% from the previous fiscal year. The smaller rise for handled claims reflects the introduction of an early resolution phase from 1 July 2024, which encourages direct negotiations between consumers and financial institutions.

FIDReC Chief Executive Officer Eunice Chua said the rising volume of claims reflected rapid shifts in financial-related risks and noted that both scam activity and the complexity of financial products continued to grow.

The trend reflects wider national patterns, with Singapore ranking second globally for payment card scams, accounting for 11% of stolen card information worldwide, according to a NordVPN report. Scam pressures are also evident beyond banking, as the city-state recorded 791 new insurance scam cases in the first half of the year.

Most scam-related claims involved compromised credentials. Consumers reported discovering unauthorised transactions on bank accounts, payment cards or digital wallets without knowing how their login or card details were obtained.

Such cases accounted for 64% of scam-related disputes, compared with 44% a year earlier, FIDReC said.

Meanwhile, financial institutions have stepped up security measures in response. On 15 October, banks introduced safeguards on large-value digital withdrawals as part of broader efforts to curb unauthorised transfers and protect consumers.

Regulators have also tightened scam-protection rules, introducing mandatory cooling-off periods, enhanced information sharing, and more rigorous monitoring of suspicious transactions

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