Belgian Panel Urges Banks to Create Fraud Compensation Fund

A citizen panel of 75 randomly selected Belgians has called on the country’s banks to establish a dedicated compensation fund for victims of fraud, funded by a portion of bank profits. The recommendation, delivered by the Bankforum (Bank Forum) initiative organized by Belfius and the democratic innovation platform G1000, marks a significant push for greater consumer protection in the Belgian banking sector.

The Bankforum Initiative

The Bankforum brought together 75 randomly selected citizens over three weekends between February and April 2026 to debate how banks can digitally innovate while remaining safe and human-centered. The panel collectively approved 20 recommendations organized around three priorities: fighting fraud, making financial services more inclusive, and giving citizens more say, as reported by VRT NWS.

The Compensation Fund Proposal

The centerpiece recommendation calls for banks to create a joint fund that compensates fraud victims. Large banks would contribute a percentage of their profits, while smaller banks would pay a minimum amount. The fund would be managed by an independent organization.

“Victims of fraud are often left without financial help, while banks do not always do enough to improve security,” the Bankforum stated. “A joint fund, paid for with a portion of bank profits and managed by an independent organization, can better protect victims.”

Under the proposed rules, if fraud occurs due to a bank error, the bank pays into the fund which reimburses the customer. In cases of force majeure, the fund also compensates. However, if the customer is found to be at fault, no compensation is paid.

A Converging Push for Consumer Protection

The Bankforum’s recommendations arrive amid a broader legal and societal push in Belgium for banks to take greater responsibility for phishing and financial fraud losses. Just one week earlier, on June 3, 2026, an Antwerp court issued a landmark ruling ordering banks to immediately compensate phishing victims before determining liability.

According to TechPulse, the case involved an elderly couple aged 90 and 93 who lost nearly EUR 50,000 to a fake bank employee in Portugal. Banking lawyer Geert Lenssens described the ruling as a “groundbreaking” precedent, noting that “the bank is obliged to reimburse a customer who is a victim of phishing, unless the bank proves that the customer made a gross error.”

Broader Recommendations

Beyond the compensation fund, the citizen panel also called for a single emergency number for all banks available 24/7, mandatory financial education for youth, maintaining a minimum of physical bank branches across the country, and greater transparency in banking operations.

Emile Wastyn, spokesperson for the Bankforum, expressed hope that the recommendations would drive meaningful change. “After three weekends of intensive work, we hope that the recommendations will form the basis for thorough reflection at Belfius, other banks, and policymakers,” he said.

Context of Regulatory Pressure

The recommendations come against a backdrop of growing scrutiny of Belgian banks’ handling of fraud cases. In November 2025, Jean Cattaruzza, the Ombudsman for Financial Services, told VRT NWS that “banks still too often reason that you can only be scammed if you as a customer have been negligent yourself. That is of course not correct.” The ombudsman reported that in only 30% of cases did his office rule in favor of the consumer, and only 37% of those rulings led to a negotiated solution.

What’s Next

A public preferendum (preference vote) launched on June 11, 2026, allows the public to express their preferences on the recommendations until June 30. Belfius has committed to analyzing how to integrate the recommendations into its strategy toward 2030. The results will be presented to the banking sector in autumn 2026.

The convergence of the citizen panel’s recommendations, the landmark court ruling, and ongoing pressure from consumer protection authorities creates a powerful moment for reform in Belgian banking. The question now is whether Belgium’s banks will embrace the proposed fund or resist what would be a significant shift in financial responsibility from consumers to financial institutions. More information is available on the official Bankforum website.