Skimmers cost Dutch banks EUR 31 million

18th May 2009, Comments 1 comment

The amount is 0.02 percent of the total amount of debit card transactions in 2008.

The Netherlands – The losses sustained by banks in the Netherlands due to debit card skimming amounted to EUR 31 million in 2008.

The amount is 0.02 percent of the total amount of debit card transactions.

This is the first time banks in the Netherlands have calculated the damages caused by skimming.

Skimming is the theft of debit card information used during a legal banking transaction.

The Dutch Organisation of Banks is working with the Platform Detailhandel Nederland, an umbrella organisation for retail trade in the Netherlands to quickly introduce a new European payment system.

The new debit card, which has a magnetic strip will be replaced with a card featuring a chip, will be less susceptible to fraud.

Radio Netherlands / Expatica

1 Comment To This Article

  • John posted:

    on 19th May 2009, 09:20:55 - Reply

    For years it is well known that magnetic strip (bank) cards are easily clone-able. Since the banks didn't want to invest in security they have blamed their customers for negligence and hide all cases of hacking ... till now.