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24 Oct 2018
Financial losses from phishing double in the Netherlands

Financial losses resulting from online banking scams in the Netherlands more than doubled in the past year, according to figures released by the Dutch Payments Association and the Dutch Banking Association (NVB).

In the second half of 2017, scammers made at least 679,000 euros from their criminal practices, compared to 1.56 million euros in the first half of this year. Eighty-five percent of this amount came from phishing: the practice of angling for user credentials and access codes, mostly via e-mail or telephone text messages. The total losses resulting from phishing increased by 126 percent. Apparently, fake messages are increasingly difficult to distinguish from authentic ones.

Debit card fraud, on the other hand, has decreased. The losses caused by stolen bank cards, fake payment and skimming went down accordingly.