Fraud or scam-related claims handled by Fidrec up 63%

Total number of claims handled surges 45%, with the average amount rising to $51,599

- Chor Khieng Yuit

Scammers show no sign of letting up here with claims from victims continuing to pile up.

Frauds comprised the bulk—38 per cent—of all claims handled by the Financial Industry Disputes Resolution Centre (Fidrec) in the 12 months to June 30, 2024, which is the dispute resolution body's 2023 financial year.

The number of fraud or scam-related claims shot up to 829 in the year, a marked rise of 63 per cent from 509 in the previous 12 months, Fidrec noted on Nov 21.

The total number of claims handled rose from 1,495 to 2,162, an increase of 45 per cent from 2022, while the average amount claimed hit $51,599, up 12.8 per cent from $45,760.

Fidrec received 261 fraud claims in 2021, 509 in 2022 and 829 in 2023. Scam-related claims as a proportion of total claims have also been rising. They made up 28.8 per cent in 2021, 34 per cent in 2022 and 38 per cent in 2023. Notably, 59 per cent of these claims were linked to credit card usage.

Many people think that older folk are more susceptible to scams, but Fidrec noted that those aged between 31 and 60 made up 72 per cent of the claimants, while those over 61 comprised 20 per cent.