Banks will soon be able to improve their customers protection from phishing. That is a form of digital fraud, when criminals use scams to defraud people and steal large sums of money. The federal government has approved a bill that will allow banks to block suspicious money flows more quickly and also alert each other. New guidelines will allow police forces to monitor money flows much more quickly too.
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Government steps up the battle against cybercriminals: your money should be better protected
Colin Clapson
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The number of reports of phishing has skyrocketed in recent years, especially since the corona crisis. In 2018, there were over 1,000 reports; by 2022, this number had risen to over 8,000. And the actual number of victims is much higher still, as not everybody reports or notices that money has disappeared from their bank account.
An estimated 40 per cent of Belgians have been a victim of phishing at some point in their lives, and for some victims the financial losses are huge, the consequences incalculable.
This is why federal government ministers this morning approved a bill drafted by justice minister Vincent Van Quickenborne (Flemish liberal/Open VLD). It will allow banks to block suspicious money flows more quickly and also allow them to warn each other. "In this way, customers can be better protected against cyber criminals," says Van Quickenborne.
Block suspicious transactions more quickly
The Risk Warning System is central to the new bill: it’s a platform on which banks can immediately alert each other to suspicious transactions. This will allow banks to block new, similar fraudulent transactions immediately and better protect their customers.
As soon as a notification appears on the platform, banks can intervene immediately and prevent new incidents. In this way, in the future they will also be able to reject suspicious customers, money mules and dubious transactions in advance.
"When criminals loot someone's account, every second counts," Van Quickenborne stresses. "After all, when money is transferred from account to account the criminals are usually abroad, often in countries not known for smooth judicial cooperation."
This is why new guidelines are also being worked out that will allow police forces to monitor money flows much more quickly. Police will no longer need to contact the public prosecutor each time they need to initiate a new investigation, when the money has already been misappropriated and transferred to another account.