Online bank Bunq paid out more than €10 million to clients who were victims of scams last year, according to its annual report. In 2023, payouts totalled €203,000.

The bank came under fire in 2024 after broadcaster NOS and the NRC reported on how it dealt with scam victims, was difficult to contact and failed to provide proper compensation.

Bunq agreed to increase its compensation payments and also strengthened its security measures, the most significant of which was the introduction of a 24-hour waiting period for transactions the bank considers suspicious.

It is unclear how many Bunq clients fell victim to fraudsters, but the bank pointed out last year that of the 10,000 cases of bank helpdesk fraud reported to the Dutch banking association, just 85 involved Bunq accounts.

Bunq booked net profit of €63 million – the second year in a row the bank has made money. Savings held by the bank rose from almost €7 billion to €8 billion, and the bank now has over 17 million clients.