Fraud and scam claims against digital banks in Singapore on the rise

SINGAPORE – There were 94 scam and fraud claims against digital banks in Singapore in the first eight months of 2025, more than double the 42 claims for the whole of 2024.

The total monetary amount for these 94 claims was $2.5 million, the Financial Industry Disputes Resolution Centre (Fidrec) said in response to queries from The Straits Times.