The scams that continually plague people in Singapore have resulted in a whopping increase in claims filed against banks as some victims seek to recover their losses.
The Financial Industry Disputes Resolution Centre (Fidrec) received 509 fraud-related claims that were mostly filed against banks from July 2022 to June 2023 alone – a 95 per cent jump from the 261 cases heard in the same period in its previous financial year.
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