MAS FIDO (Financial Industry Disputes Resolution Centre)

FIDReC (Financial Industry Disputes Resolution Centre Ltd) is Singapore's independent alternative dispute resolution (ADR) scheme for financial disputes. It provides consumers with a free, accessible channel to resolve complaints against financial institutions regulated by the Monetary Authority of Singapore when direct negotiation with the firm has failed. FIDReC handles disputes up to SGD 100,000, with higher-value cases eligible if both parties agree.

In the context of scams, FIDReC handles cases where a consumer believes their bank failed to meet the safeguards required under MAS guidelines, failed to act on suspicious transaction signals, or applied its internal fraud investigation process unfairly. FIDReC adjudicators apply MAS guidelines and prevailing industry standards when assessing whether a bank's response was reasonable.

To use FIDReC, consumers must first raise a formal complaint with the financial institution and allow it 30 days to respond. If the outcome is unsatisfactory or no response is received, the consumer can apply to FIDReC at fidrec.com.sg within six months. The process is confidential and voluntary on the consumer's side; FIDReC's decisions are binding on the financial institution up to the claim limit. FIDReC is a practical route for Singapore-based fraud victims whose claims have been denied by their bank.