Bank Bunq fined 170,000 euros over delayed responses to fraud victims

Dutch online bank Bunq has been fined 170,000 euros by the Authority for the Financial Markets (AFM) for failing to respond promptly to complaints from seven customers who fell victim to online fraud in 2023 and 2024, AFM reported.

Some customers lost tens of thousands of euros. After reporting the fraud to the bank, they often had to wait weeks for a substantive response, even though banks are required to reply within 15 working days. The original fine was set at 500,000 euros. It was reduced because Bunq later compensated the customers and cooperated with a simplified settlement of the case.

“Customers must be able to rely on their concerns being taken seriously, especially in cases of fraud,” AFM board member Jos Heuvelman said.

Bunq said the delays were caused by a careful review of its own goodwill policy. Under the law, victims of online fraud are sometimes entitled to compensation, but the bank said these customers were not eligible for reimbursement. Nevertheless, Bunq ultimately compensated most of the victims, reimbursing between 80 and 100 percent of the money they had lost.