Bunq to compensate fraud victims after all

Online bank Bunq will compensate customers who lost large amounts of money to online scams. The bank initially refused to pay compensation, but after talks with the Ministry of Finance, now agreed to refund customers 85 percent of their damages, NOS reports.

Research by NOS and NRC revealed the fraud in May. Dozens of affected customers lost up to 200,000 euros within minutes due to a combination of phishing and helpdesk fraud. Scammers posed as bank employees and pressured customers to share their login details or transfer money. Bunq did not take the security measures that are common at other banks.

The online bank initially refused to compensate victims. CEO Ali Niknam even blamed the victims, saying that giving up their login codes is like “giving away their car keys,” and the bank can do “nothing about it.”

Outgoing Finance Minister Steven van Weyenberg (D66) was very critical of the bank and Niknam’s response to the fraud, calling the CEO’s comments “completely inappropriate.” The Ministry entered consultations with Bunq and they have made agreements on improving security and its leniency scheme.

According to the leniency scheme, the affected fraud victims will receive 85 percent of their damages back from the bank.