ING Bank in Netherlands Introduces New Feature to Combat Phone Scams and Prevent Financial Fraud
March 21, 2024, 10:00 CET
A Groundbreaking Tool for Scam Prevention: “Check the Conversation”
ING Bank in the Netherlands is taking significant strides to combat phone scams and prevent financial fraud. The new functionality, named “check the conversation,” will enable customers to instantly verify the authenticity of their interactions with ING representatives.
- ING’s new feature, “check the conversation,” is set to launch next week.
- This tool aims to thwart scammers masquerading as ING employees.
The Prevalence of “Bank Helpdesk Fraud”
According to Adine Wempe, Director of Fraud at ING in the Netherlands, “bank helpdesk fraud” is a common scam where criminals exploit emotional manipulation tactics to trick customers into transferring funds or surrendering their card information, causing immense financial and emotional distress.
- In 2023, the Dutch Banking Association reported 28 million euros in damage from bank helpdesk fraud alone.
Empowering Customers with “Check the Conversation”
By using this new feature, customers will now have the power to double-check the authenticity of their interactions. This collaboration between banks and their clients will strengthen their collective ability to identify and prevent fraudulent activities.
- Customers can double-check their contacts’ authenticity, ensuring they are communicating with genuine ING personnel.
- This approach allows both parties to strengthen their vigilance against fraud attempts.
- Wempe emphasized the importance of working together and shared that ING intends to share its learnings from implementing the “check the conversation” functionality with other Dutch banks.
A Collaborative Approach to Defending against Scams
Embracing a cooperative spirit, ING is committed to sharing its learnings with other Dutch banks to bolster the Dutch financial sector’s ability to defend against these types of scams.
- By joining forces with industry rivals, the collective goal is to prevent further financial losses due to bank helpdesk fraud and protect their users.