Whitepaper: The Bank as Your Safe

In a recently published white paper by ABN AMRO, titled "The Bank as Your Safe," it is explained that banks act as modern safes where money is securely stored. Only the account holder has access to this digital safe. The bank is not allowed to view transactions or balances without explicit permission from the customer. This provides an important layer of protection for the privacy of account holders.

ABN AMRO emphasizes that secure banking is a shared responsibility between the bank and the customer. Although banks employ advanced technologies to detect and prevent fraud, the behaviour of the account holder plays a crucial role. It is essential for customers to protect their digital 'key' – such as login details and authorization methods.

Fraud expert at ABN AMRO, Marco Hendriks, warns that fraudsters exploit the misconception that banks are allowed to view transactions or the balance of account holders. "Fraudsters pressure customers to transfer money to supposedly safe accounts, which are actually owned by the fraudsters. If there is a strong suspicion of fraud, we can temporarily block an account or payment card. However, fraudsters claim that the bank cannot do this and use this to pressure customers."

To arm customers against these forms of fraud, ABN AMRO offers practical tips. Using strong passwords, biometric security, and limiting large amounts on checking accounts are some measures customers can take.

Kathelijne Swaak, Expert Lead Fraud Chain at ABN AMRO, emphasizes the importance of collaboration between the bank and the customer: "Secure banking is something we do together with the customer. Once a customer authorizes a payment, the bank is obligated to execute it. At that moment, the money is withdrawn and cannot be easily reversed. It is important to think carefully before confirming a payment."

ABN AMRO urges customers to remain vigilant with suspicious requests and always request a Conversation Check if there is doubt about the identity of a caller. By being alert together, the bank and customer can safeguard the security of financial resources.

With this whitepaper, ABN AMRO hopes to raise awareness and provide customers with the right knowledge and tools to protect themselves against digital fraud.