FIDReC received a record 4,355 claims this fiscal year, a 50% jump fuelled by rising scam cases, general increase in disputes across most financial institutions, and growing public awareness
Fraud and scam-related disputes rose to 1,285 claims, a 55% increase, and now account for nearly half of all claims in FIDReC.
Singapore, 26 November 2025 – The Financial Industry Disputes Resolution Centre Ltd (FIDReC) received 4,355 claims in FY2024/2025, the highest in 20 years and a 50% jump from the 2,894 received the financial year before. The sharp rise reflects continued growth in scam-related disputes, increased claim volumes across multiple financial institution (FI) categories, and stronger public recognition of FIDReC as an independent and accessible recourse channel.
Of the claims received, 2,646 claims were accepted for handling, a 22% rise from the previous fiscal year. The lower rate of increase for handled claims reflects the introduction of an early resolution phase from 1 July 2024, which encourages direct negotiations between consumers and FIs.
FIDReC’s Chief Executive Officer, Ms Eunice Chua, said: “The record number of claims this year is a clear reminder of how quickly financial risks are shifting. As scams grow more sophisticated and financial offerings become more complex, consumers are looking to FIDReC for clarity and fair resolution. We will continue to step up our education initiatives, and we hope the industry will draw lessons from these disputes to strengthen customer experience, transparency and fair dealing.”
Scams now make up nearly half of all financial claims at FIDReC
Fraud and scam-related disputes surged to 1,285 claims, up from 829 last year, a 55% rise. These now account for 49% of all claims handled, compared to 38% previously.
A majority of these cases involved compromised credentials, where consumers discovered unauthorised transactions on bank accounts, payment cards or digital wallets without knowing how their credentials were obtained.
Such cases accounted for 64% of scam-related claims, up from 44% the year before, pointing to increasingly sophisticated fraud tactics exploited by scammers and a greater need for vigilance by consumers.
Higher claims across all FI categories except life insurers
Disputes rose across most FI categories:
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Life insurance was the only category with a decline (323 claims, down from 387). However, market conduct issues made up the majority of claims within the category, 111 claims up from 97.
Case studies highlight fast-evolving consumer risks
FIDReC’s annual report features case studies that reflect real-world risks faced by consumers today, including:
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These cases illustrate the topical issues of the day, with consumers navigating increasingly digital ecosystems, higher medical costs, more complex financial products, and the rapid proliferation of scams.
Marking 20 years of financial dispute resolution in Singapore
FY2024/2025 also marks FIDReC’s 20th anniversary year, a milestone that reflects two decades of building trust, strengthening consumer protection, and supporting Singapore’s financial ecosystem.
Key developments highlighted in the Annual Report include:
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Since its establishment in 2005 as Singapore’s independent, affordable and impartial avenue for consumer financial dispute resolution, FIDReC has played a pivotal role in promoting confidence in the financial system.
As FIDReC enters its third decade, it remains focused on ensuring that consumers, which now include small businesses and charities, have access to a fair, affordable and effective way to resolve disputes with financial institutions, across a rapidly evolving financial landscape.
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About FIDReC
Launched on 31 August 2005, the Financial Industry Disputes Resolution Centre Ltd (FIDReC) is a not-for-profit company limited by guarantee. We specialise in the resolution of consumer financial disputes through mediation and adjudication.
FIDReC’s services are available to consumers who are individuals or sole proprietors, and from, to small businesses and charities. Consumers may come to FIDReC when they cannot resolve their issues with their financial institutions. Financial institutions include banks, finance companies, life insurers, general insurers, capital markets services licensees, licensed financial advisers, insurance brokers, and major payment institutions providing account issuance services.
Media Contact:
Goh Wu Chong (Associate Partner)
Gloo PR
HP: 9387 8407
Email: wuchong@gloopr.biz