Around 200 customers of Belgian bank Argenta, who collectively lost €4.5 million to phishing scams, are demanding an investigation into the bank's handling of reimbursement requests.
According to L’Echo, the group took action in Brussels on Wednesday 7 October, outside the offices of the Federal Public Service Economy. Supported by Antwerp-based legal platform Boomerang, the victims are calling on the authorities to investigate whether Argenta's communications with customers comply with Belgian consumer protection legislation.
Under Belgian laws, banks are generally required to reimburse customers for unauthorised transactions by the end of the following business day. However, an exception applies in cases of "gross negligence," such as when a customer knowingly shares sensitive banking information on a fraudulent website.
Banks frequently invoke this exception to refuse reimbursement, even though the rules generally require them to refund the money first and recover it later if an investigation establishes that the customer was grossly negligent.
Older customers particularly affected
The 200 Argenta customers involved in the complaint have collectively lost €4.5 million. More than half of the cases concern older customers, who are considered particularly vulnerable to online scams.
Jean-Philippe Gakwaya, founder of Boomerang, told L'Echo that the initiative is not intended to demand direct reimbursement from the authorities, but rather to ensure that banks respect their legal obligations. "The FPS Economy cannot decide on reimbursement. However, it is the supervisory authority responsible for ensuring compliance with legislation on fair commercial practices, including banks' communications with their customers," he explained.
According to Gakwaya, Argenta regularly informs phishing victims that an investigation must be conducted before a decision on reimbursement can be made. He argues that the process is often lengthy and confusing.
He also highlighted the vulnerability of older customers, who may struggle to keep up with digitalisation and often lose substantial amounts of money to fraudsters. "This action is not aimed at Argenta or banks in general. The point is that these banking customers have rights, and those rights must be respected," he added.
Argenta disputes the allegations
For its part, Argenta denies misleading customers and insists that each phishing case must be assessed individually. The bank also disputes the interpretation that Belgian legislation requires automatic reimbursement while an investigation is pending.
"There are several interpretations of this legislation. In a recent case concerning this issue before the Antwerp Enterprise Court, the judge once again ruled in our favour," the spokesperson of Argenta said.
