Belgium is one of the countries most affected in Europe by phishing – online fraud that targets consumer payment details. Banks are now being asked to engage in the government's efforts to step up the fight against the schemes.
Phishing ploys in Belgium are becoming harder to spot and more ruthless. For example, phone calls from people pretending to be bank employees or even visits to victims' homes. The schemes are becoming increasingly effective with the number of victims growing. Sometimes they take place after business hours or on weekends, meaning banks can't step in effectively.
"The world is moving faster and consumers are expected to keep up. But with everything happening so quickly we are sometimes less attentive and that is just what phishers are after," said State Secretary for Consumer Protection Eva De Bleeker.
"We have to make it as difficult as possible for them. First of all by being able to react quickly when fraud is detected but also by giving people the choice to set ironclad payment limits set so that phishers can steal lesser amounts."
Continued neglect
When attacks happen outside of banking hours, victims can sometimes see their money disappear from their accounts without being able to do anything to stop it.
Calls are growing for banks to improve their services but De Bleeker is now stepping up her demands for banks to offer customer support around the clock. In particular, this could lead to legislation to ensure that banks are available 24/7 to block payment apps.
This would be a major barrier to scammers passing themselves off as bank employees. One woman living in Flanders recently saw €100,000 disappear in a matter of hours after falling victim to fraudsters pretending to be a bank employee. A phone call from a number that corresponded with that of her bank told her that someone was trying to log into her accounts, VRT News reports. She was advised to transfer her savings to another account, one belonging to the scammers.
Related News
- De Bleeker calls for an investigation into Antwerp real estate fraud
- Financial watchdog warns against fake crypto investments
De Bleeker is also advocating a system of "slow banking," meaning an extra security measure (stronger payment limits) can be implemented on the bank accounts of people who don't usually carry out such transactions. This would help prevent large sums of money from being transferred.
As part of this system, customers would have to visit a bank branch or ATM to raise payment limits or obtain an exception.
"This will not make phishing impossible, but this way a lot of human dramas involving tens or hundreds of thousands of euros could be avoided. That would also make phishing less lucrative."
