By PAUL O’DONOGHUE, Senior Correspondent
DUTCH officials have fined online bank Bunq €170,000 for failing to respond promptly to complaints from customers who fell victim to online fraud.
Dutch regulator the AFM (Authority for the Financial Markets) said Bunq failed to provide timely responses in seven cases involving customers who reported fraud losses in 2023 and 2024.
Under Dutch rules, payment service providers must give a substantive response to complaints within 15 working days.
In a statement, the AFM said customers who filed complaints “only received feedback from Bunq several weeks after the deadline had expired”.
The watchdog added: “During all that time, these customers were left in uncertainty.”
However, it noted that Bunq ultimately “fully or largely compensated the affected customers”.
The AFM said prompt complaint handling is a key part of consumer protection because payment services play an “essential role in daily life”.
AFM board member Jos Heuvelman said: “Adequate and timely handling of complaints is essential for confidence in the financial sector.”
He added: “Customers must be able to count on their concerns being taken seriously, especially when they have become victims of fraud.”
Bunq fined in the Netherlands
The regulator noted that customers struggled to contact Bunq after reporting fraud. Even after filing formal complaints, they often waited weeks for a response.
However, the AFM also acknowledged that Bunq compensated the affected customers voluntarily. The regulator said this showed the bank “ultimately acted in the best interests of the customers.”
The watchdog said Bunq “did act in the best interests of the customers” by fully or largely compensating them.
That action helped reduce the penalty. The AFM cut the fine from a base level of €500,000 to €200,000 and then applied a further 15% reduction under a simplified settlement procedure, resulting in a final penalty of €170,000.
According to Bunq’s annual report, the bank paid more than €10 million to scam victims in 2024, up from €203,000 in 2023.
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