Internet Bank Bunq paid 10 million in victims scams

The Amsterdam Internet Bank Bunq paid more than 10 million euros last year to customers who have fallen victim to scams. The bank reports this The annual report about 2024 that was published on Tuesday.

Reported in May last year NRC And NOS that dozens of Bunq customers had lost up to 200,000 euros per person within a few minutes to scammers, who took themselves as employees of the bank and thus obtained login details. At Bunq, transferring large amounts was easier than at other banks, which made the bank relatively attractive for scammers. Customers also complained about unreachable customer service.

Unlike many other banks, Bunq did not want to compensate for the victims of scams in the first instance. Bunq chief executive Ali Niknam told a victim who lost more than a ton to « gave her car keys away. » Outgoing Finance Minister Van Weyenberg (D66) called it later in the Lower House ‘completely inappropriate’.

In response to the publications, Bunq decided to compensate private customers who had fallen victim to fraud, for an average of 85 percent of their damage. That did not apply to business customers, who were not offered compensation. They fought that at the court, but were unsuccessful. A bank is not legally obliged to compensate customers who have issued their own login details.

In response to the fraud cases, Bunq decided last year to introduce a new helpline that can be reached 24/7 and implementing additional safety measures to protect customers against scams. According to Bunq’s annual report, the number of fraud cases has since been « significantly reduced ».

Growth in savings

The annual report also shows that Bunq (650 employees) made a net profit of 63.6 million euros last year, compared to 53.2 million euros a year earlier. The company, which Niknam founded in 2012, thanks that profit growth, especially to the fact that customers parked more savings at the bank. Bunq offers one Relatively high savings interest.

The bank parks three -quarters of all the savings entrusted to it – at the end of last year a total of 7.9 billion euros – at the European Central Bank (ECB). Bunq receives more interest on this than paying customers.

A consequence of the growth in savings is that CEO Niknam, who owns almost all shares in Bunq, has to pay apart from almost every year to maintain the capital buffers of his bank. Last year, Niknam collected 29 million euros, with which he estimated a total of 200 million euros of his personal assets in Bunq.

Also the income from feesSubscription fees paying customers to use Bunq’s services, rose sharply, from 39 million euros in 2023 to 54 million last year.

Bunq also announced that it had applied for a dealer-broker permit in the United States, a first step towards a banking permit. In An interview with the American news channel CNBC Niknam said that Bunq wants to apply for an American banking license later this year. An earlier attempt to do this stranded last year, after American supervisors set additional requirements.

With the cooperation of Joris Kooiman and Merijn Rengers

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