Bunq Customers Vulnerable to Scammers Due to Lack of Security Measures, Research Reveals

Scammers frequently target bunq customers due to the absence of certain security measures that other banks typically have in place. Research conducted by NOS and NRC highlights this vulnerability. Unfortunately, affected customers do not receive compensation for their losses.

Reports from these news outlets reveal that 28 victims fell prey to scams within the past seven months, collectively losing over 1.6 million euros. In four instances, the amount exceeded 100,000 euros. NOS and NRC also interviewed former bunq employees who claim that the bank prioritizes user-friendliness over security.

Scammers primarily utilize two tactics to breach victims' accounts. Through the first method, they acquire login credentials and the necessary facial recognition scan to withdraw substantial sums of money, which experts view as a concerning pattern for bunq.

The second method involves convincing customers to install malware. NOS and NRC note a rise in the availability of fake bunq phishing sites on the black market.

While many major Dutch banks have implemented additional safeguards to prevent substantial monetary theft, bunq lacks similar protections. For instance, other banks enforce a waiting period when exceeding daily transfer limits, requiring customers to request higher limits and wait four hours. In contrast, bunq initially imposed a 24-hour delay for new device access, later reducing it to one hour, and ultimately removing it altogether after customer complaints.

Regrettably, bunq customers who fall victim to scams receive no reimbursement. CEO Ali Niknam analogized the situation to handing over car keys on the street only to find the car stolen. Additionally, the effectiveness of bunq's SOS feature in fraud cases remains disputed by the online bank.

In response to NOS and NRC, bunq asserts that security is a top priority, citing the utilization of advanced technologies like AI, biometric security, and secure communication. The bank argues that individuals can only become victims by disclosing personal and login information. Moreover, bunq claims a lower incidence of fraud compared to other banks, though they declined to provide substantiation to support this assertion.