“Anyone who falls victim to phishing is a victim twice today: first of the fraudster, then of their own bank, which leaves them out in the cold,” says Soete. “Only in 8 percent of cases does the bank compensate victims of payment fraud. Even though the major Belgian banks made 8 billion euros in profit in 2025. That is unacceptable. Banks must take their responsibility and compensate victims of phishing as they should.”
According to figures from Febelfin, in 2024 the Belgian banking sector managed to detect or recover 75% of fraudulent transfers resulting from phishing. Nevertheless, fraudsters were able to steal more than 49 million euros in Belgium through the remaining 25%. In West Flanders, the trend appears to exceed national figures, mainly due to the increasing popularity of online banking and working from home.
