FIDReC reports 45% YoY rise in claims for FY2024

64% of the completed claims were filed against banks, finance companies, and credit bureaus.

The Financial Industry Disputes Resolution Centre (FIDReC) received 2,894 financial claims in FY2024, reflecting a 32% rise year-on-year (YoY).

FIDReC handled 2,162 of these claims, a 45% YoY increase from the 1,495 claims handled in FY2023.

Of the claims handled, 1,728 were completed in FY2023/24, 47.4% more than in FY2022/23. FIDReC closed 88% of these claims within six months.
The completed claims consisted of 84% (1,449) resolved at the mediation stage, with 77% (1,113) of consumers accepting settlement offers.

The remaining 279 claims proceeded to adjudication with 16% (46) resulting in an award in favour of the consumer while the rest had no awards.

Meanwhile, 64% (1,387) of the total claims handled during the period were filed against banks, finance companies and credit bureaus.

FIDReC handled 829 fraud/scam claims during the period, making up nearly 60% of the claims handled against banks, finance companies, and credit bureaus and 38% of all claims handled in FY2023/2024.

Of these, 700 (91%) were completed at mediation with 80% receiving a settlement and 11% with no settlement. The remaining 70 claims proceeded to adjudication with 13 receiving an award in favour of the consumer, and 57 receiving no award.

Notably, consumers aged between 31 to 60 made up 72% of fraud/scam claimants, with the fraud/scams resulting from credit cards 59% of the time, and from deposit accounts 39% of the time.

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