Belgian banks are set to lower the standard limit for transfers, introduce a waiting period for increases to those limits and process fraud cases more quickly. These are only some of the measures set out in the action plan against phishing drawn up by Minister for Consumer Protection Rob Beenders (Flemish socialist Vooruit) and the Belgian banking federation Febelfin. The plan aims to reduce the rising number of victims of online fraud and limit the damage.
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Plan to combat phishing: lower transfer limits, a waiting period before limits are increased and faster complaint processing
Colin Clapson
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Online fraud continues to rise in Belgium. According to figures from the government and the banking sector, over 11,000 cases of phishing were reported in 2025, a 30 per cent increase compared with the previous year. Fraudsters made off with a total of around 93 million euros.
Consumer protection minister Rob Beenders had therefore asked the banks to come up with additional measures by the summer.
Over the past few months, the banks have drawn up an action plan which has now been finalised and is being implemented in stages.
The plan is based on three pillars: additional security measures at the banks themselves, closer cooperation between the banks, and a broader approach involving other stakeholders such as telecoms operators, technology companies and government departments.
Lower transfer limits
One of the most noticeable measures will be the reduction in the standard limit for transfers. By early 2027, this standard limit will be capped at 5,000 euros per day.
Customers can still request an increase to their limit, but additional security measures will apply.
A wait of at least 4 hours
Banks will introduce a mandatory ‘cooling-off period’ when a customer increases their transfer limit. The increase will not take effect immediately, but only after at least 4 hours.
According to the initiators, this waiting period is intended to disrupt typical fraud scenarios. Phishing often relies on time pressure: victims are pressured into acting immediately. By building in a delay, customers are given more time to recognise suspicious situations.
Control over fast transfers
The action plan focuses on so-called ‘slow banking’. For example, customers must always have the choice between an instant transfer and a standard transfer.
Instant payments have increasingly become the norm. The advantage is that the money is credited to the recipient’s account within seconds. The disadvantage is that it becomes more difficult to prevent fraud once the payment has been made.
Faster processing of complaints
The banking sector has committed to continuously reviewing new protective measures and to processing fraud cases more quickly. By the end of this year, victims should receive clarity on their case within a maximum of 15 banking days.
Sharing fraud data
Another measure is the development of a joint platform on which banks can exchange fraud data. At present, each bank largely detects suspicious transactions independently. In future, fraud indicators are to be shared more quickly, so that suspicious patterns become apparent to the whole sector sooner.
One sensitive issue that is not really addressed in the plan is the question of refunds for phishing victims. Various bodies – including Minister Beenders himself – have complained that banks do not always reimburse phishing victims when they should.
The banking federation Febelfin is keen to emphasise that the banks were already making significant efforts even before this “ambitious action plan” and that online fraud requires the broadest possible approach.