All banks continuously monitor transactions using algorithms to detect suspicious activity. As a result, 75% of transfers received and signed following phishing attempts are still detected, blocked or recovered by the banks. Furthermore, there is a constant exchange of information between banks regarding criminals’ new modus operandi, enabling them to adapt their detection algorithms. This is an ongoing process and a game of cat and mouse with the fraudsters. Furthermore, banks today use all manner of additional security tools to protect their customers against fraud: from daily, weekly and transaction limits on transfers; waiting periods for limit increases; notifications sent when limits are increased and apps are installed; IBAN name verification for transfers; 24/7 availability in cases of suspected fraud, etc. A whole arsenal of tools is now already being used to provide customers with maximum protection.

Furthermore, in collaboration with Minister Beenders, work is being done on a general (and central) telephone number for fraud cases, through the expansion of Cardstop. A service on top of the 24/7 availability of banks that already exists today.

However, fraud begins elsewhere in the chain, and the banks are reaching their limits. There is an urgent need to look at the bigger picture and the other players in this fraud chain. After all, criminals use means of communication outside the banking environment, via phone calls and adverts on social media platforms. These players (telecom operators and social media platforms) must also do everything in their power to block fraudulent numbers and adverts. Karel Baert, CEO of Febelfin: “Research shows that around 10% of the revenue (more than €4 billion) of social media platforms comes from fraudulent advertisements. If fraudulent advertisements have become a lucrative business model for social media platforms, why is nothing being done about it?”

Phishing has become a societal problem. Febelfin is calling on the government to make the necessary efforts in this fight. For the past 10 years, the banks have been asking the Belgian government for permission to exchange data on fraudsters amongst themselves, in order to combat, amongst other things, the misuse of accounts by these fraudsters even more effectively, but to date this proposal has still not been incorporated into our national legislation. We therefore urge that this be made possible, just as it is in other countries. In addition, prevention and prosecution are also key aspects in deterring and prosecuting these fraudsters, who are often part of criminal organisations, and the police and judicial authorities must be equipped with sufficient resources to tackle this fight. A lack of these resources already too often leads to a certain degree of impunity today. For only if everyone takes responsibility can we combat this crime together.

Further public awareness campaigns by the government, in addition to the many awareness and education initiatives already undertaken by the banks and Febelfin, are also desperately needed. After all, the first line of defence against fraud starts with the public themselves: the better people can recognise potential fraud and the more vigilant they are, the smaller the chance of falling into the trap set by fraudsters. Febelfin consistently conveys the same message: never disclose your personal codes (PIN and the code generated by your card reader); a bank employee will NEVER ask for these. Because even the strongest security cannot prevent everything when fraudsters use all manner of manipulation techniques to put customers under pressure. Fraudsters exploit people, not systems. Raising awareness is and remains essential.

In short, an action plan against phishing: YES. But not a plan devised solely by the banks. This must be a joint action plan involving all stakeholders: the government, telecoms, social media platforms and the banks. It is high time that the government viewed phishing from a broader societal perspective. Belgian banks have been calling for some time to be able to step up the fight even further, but they cannot do this alone. We look forward to discussing this with Minister Beenders and the other relevant ministers.