Losses due to internet banking fraud plunge: Dutch banks

The amount of damage caused by internet banking fraud has gone down 58% compared with the second half of 2012, according to new figures from the Dutch banking association.

Compared with the same period a year ago, the drop is even larger at 82%, the Financieele Dagblad quoted the NVB as saying.

In total, the amount of damage fell in value terms from €10m to €4.2m.

Damage through skimming – the process of copying bank cards – fell 45% compared with the last six months of 2012. The cost of this form of fraud fell from €10.8m to €5.9m.


NVB chairman Chris Buijnk said the drop is due to the combined efforts of banks, police and justice ministry officials, who have made internet banking fraud a priority.

Customers are now more aware of the risks and less likely to fall for scams, Buijnk said.

The cut in damages from skimming is due to the fact that bank cards are now automatically blocked for use outside the EU. The chip, which has replaced the magnetic strip, has also made cards more fraud-proof, he said.

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