ING lowers daily limit on payment app

AMSTERDAM – ING wants to make its customers aware of the risks of a high daily limit on their banking app. That limit limits the total amount that customers can transfer daily to other bank accounts or through iDeal payments.

ING is lowering the limit for all customers, making it more difficult for scammers to extort large amounts. Customers can increase that amount themselves if they wish.

To inform customers, ING will lower the standard daily limit for all customers from €5,000 to €2,000 on 8 February. “We also want to make our customers aware of the possibilities to protect themselves against fraud. One of the options is to set the lowest possible daily limit,” explains Adine Wempe, Fraud Director at ING. “With this campaign we want to encourage the customer to be aware of the limit.” The limit does not apply to periodic transfers, direct debits or transfers between own (savings) accounts.

Waiting time

Customers can increase their limit up to a maximum of €50,000. It takes four hours for an increase to be processed by ING, which cannot be done faster via customer service, for example. According to the bank, this is to prevent telephone scams. A reduction in the daily limit does take effect immediately after adjustment. Several other banks already have a waiting period.

Prevent bank fraud

At the beginning of January, the Consumers’ Association called on banks to do more to prevent bank fraud. According to the interest group, nine out of ten consumers believe that banks “should put safety above convenience by making it more difficult to quickly transfer large amounts to unknown account numbers”. The Consumers’ Association based this on its own panel survey among more than 8,000 respondents.

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