Dutch Banking Sector Fights Back Against Record-Breaking Payment Fraud Surge

Overview

• Total damages caused by payment fraud reached over €62.5m in 2021
• Authored push payment (APP) fraud is a major concern, accounting for €47.6m of the damages
• Shift to digital schemes poses new challenges for Dutch financial institutions

Anti-Fraud Efforts

• Dutch Banking Association (DBA) to launch new anti-fraud campaign to help educate consumers
• Banks refund victims in 92% of APP fraud cases, acknowledging emotional turmoil caused
• Cooperation with telecom sector and police leads to successful campaigns and arrests

Digital Fraud: A Broad Societal Issue

• Increase in digital crime not limited to the banking industry
• Collaboration between DBA, telecom sector, and police is crucial for improving security and counteracting criminal activities

Countering Digital Fraud: A Collaborative Effort

“Tackling digital fraud requires a unified, interdisciplinary approach.” - Aleid van der Zwan, deputy director of the Dutch Banking Association

Partnership with Telecom Sector

• Successful campaigns to prevent misuse of bank phone numbers by fraudsters

Collaboration with the Police

• Recent successes in locating and apprehending perpetrators
• Arrest of nine individuals for impersonating customer support personnel and seizure of crypto-assets totaling millions of euros

Engaging other Partners

• Continuous collaborative efforts with law enforcement agencies, social media platforms, and other crucial partners

Conclusion

Despite the advancements, the police continue to receive over 200 reports of fraud cases daily. The number of incidents is escalating, and it is crucial for all stakeholders to work together to tackle this evolving threat and safeguard consumers against potential fraud.