Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Rabobank to Block Debit Cards Outside Europe to Combat Fraud

May 5 (Bloomberg) -- Rabobank Groep, the biggest Dutch mortgage lender, plans to block retail-banking clients’ debit cards for use outside Europe unless specifically requested otherwise by the account-holder to combat theft of card information.

Clients will be able to lift the blockade and access their accounts from specific continents for specific periods of time, Rabobank said in an e-mailed statement today.

Theft and abuse of debit- and credit-card information, known as “skimming,” cost Dutch banks 39 million euros ($51 million) last year, according to Rabobank. Some 24,000 of Rabobank’s clients had money taken from their accounts, it said.

“A number of banks abroad have already implemented this sort of blockade,” Rik Op den Brouw, retail director at Rabobank Nederland, said in the statement. “The number of fraud incidents has dropped sharply and the response from clients is generally positive. We expect this measure will also lead to substantially less financial damage resulting from skimming in the Netherlands.”

Rabobank has 6.8 million customers in the Netherlands, according to the Utrecht-based lender’s 2011 annual report.

To contact the reporter on this story: John Buckley in Amsterdam at johnbuckley@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.