Financial Crime World

Belgium Grapples with Rise in Internet Banking Fraud: Over 12,000 Cases Reported in 2019

Despite efforts to create a secure environment for financial transactions, Belgium has witnessed a significant surge in internet banking fraud cases. According to statistics, more than 12,000 instances of online banking fraud were reported in the country in 2019, marking the highest number since 2006.

Phishing Emails: The Primary Culprit

The majority of these fraudulent activities are attributed to phishing emails that aim to trick individuals into divulging their secret financial information. These emails often appear to be legitimate, but they are designed to deceive victims into revealing sensitive details such as login credentials and credit card numbers.

Despite this growing concern, Belgians continue to opt for online banking over other digital financial services. In fact, internet banking subscriptions in Belgium have witnessed a remarkable increase between 2006 and 2016.

Subscription Growth

  • The total number of subscriptions rose from approximately 3.8 million in 2005 to around 12 million in 2015.
  • This growth indicates that more Belgians are turning to online banking for their financial needs.

Belgium’s Global Ranking

Interestingly, Belgium ranked 123rd globally when it comes to the risk index score for money laundering and terrorist financing in 2017. This ranking highlights the need for enhanced measures to combat financial crimes in the country.

Overall, the rise in internet banking fraud cases in Belgium serves as a reminder of the importance of online security and the need for individuals to be vigilant when conducting financial transactions online.