Recovering Money from a Singapore Bank via FIDReC and SRF — Singapore
Sourced from Singapore Acts of Parliament, subsidiary legislation, and official government guidance. Written in plain language for general understanding — this is educational content, not legal advice. Our editorial standards
What is this right?
Singapore's money-recovery framework is two-step. Step 1: bank Internal Dispute Resolution + SRF analysis (for phishing scams). The SRF (in force 16 Dec 2024) sets specific anti-scam obligations on banks — if breached and a phishing scam occurred, losses may be shared between the bank, telco, and consumer. Step 2: FIDReC escalation. Free for retail consumers; mediation + adjudication; award cap SGD 100,000 (banking) — SGD 250,000 (some categories). Binding on firm if accepted. Six-month clock from bank's final response.
When does it apply?
- Unauthorised debit / credit card or online-banking transaction.
- Phishing scam where you authorised the transfer.
- Disputed fee or wrongful debit.
- The bank refused refund or you remain dissatisfied.
Recovering Money via FIDReC + SRF
- File the bank IDR complaint. Cite SRF if a phishing scam.
- Wait for the bank's final response.
- Escalate to FIDReC within 6 months. Free for retail; mediation + adjudication.
- For high-value cases above the FIDReC cap, civil litigation.
What should you NOT do?
- Don't miss the 6-month FIDReC clock.
- Don't sign settlement releases without considering FIDReC.
- Don't pay 'recovery agents' upfront.
Common Questions
Does SRF cover all scams?
No — SRF specifically covers phishing scams, where the consumer was tricked into providing credentials in response to a phishing communication. Other scam categories (love scams, investment scams without phishing element) are not directly covered by SRF; recovery depends on bank discretion + FIDReC adjudication.
Are FIDReC decisions binding?
FIDReC adjudication decisions are binding on the firm if the complainant accepts. The complainant is not bound and retains the right to litigate. Awards capped at SGD 100,000 for most banking complaints; SGD 250,000 for life insurance / certain categories.
When does it apply — recovering money from a singapore bank via fidrec and srf?
Unauthorised debit / credit card or online-banking transaction.Phishing scam where you authorised the transfer.Disputed fee or wrongful debit.The bank refused refund or you remain dissatisfied.
How do I get a Singapore bank to refund a scam transaction?
File the bank IDR complaint. Cite SRF if a phishing scam.Wait for the bank's final response.Escalate to FIDReC within 6 months. Free for retail; mediation + adjudication.For high-value cases above the FIDReC cap, civil litigation.
What should you NOT do — recovering money from a singapore bank via fidrec and srf?
Don't miss the 6-month FIDReC clock.Don't sign settlement releases without considering FIDReC.Don't pay 'recovery agents' upfront.