The time factor is crucial, says Grbic, particularly when making online transactions. He advises people to take their time when using online banking, and even more so in the event of a phone call from the bank or Luxtrust, as these are frequently false and part of scams. “Criminals usually contact their victims in the evenings, Friday nights, or weekends”, he says. “They try to create a stressful situation to put pressure on their victim to act fast.”
The ABBL (Luxembourg Bankers’ Association) CEO says the correct reaction is that nothing is urgent enough to be done immediately, and in the event of such a call, the victim should contact their bank via direct message to ensure the contact is legitimate and not from fraudsters.
In the event you fall for the scam and make a traditional bank transfer by accident, you can reverse this yourself in online banking, which is not possible for instant transfers, or “Virements instantanés”. This new function was introduced as a directive by the EU and has been operational since 7 January 2025.
If the money has been debited and you are sure it is fraud, you should immediately call 491010 to block your Luxtrust account. Worldline can not only block a lost or stolen car, but also the Luxtrust digital identification tool. You should also contact your bank and the police.
According to Luxembourgish law, you have 13 months to claim the money back. If you do so, the bank will also try to reclaim the money, but Grbic warns of the “very high” risk that you won’t get the money back, as fraudsters are well-organised and quick to transfer or convert the money to cryptocurrencies.
Grbic is of the opinion that banks are not responsible for the current scams. Unlike traditional bank robberies, where the bank is responsible for security, and the client’s money is insured, criminals in the digital age are seeking to exploit the weaknesses in the system, where they can capturing the customer’s data or luring them to the wrong web page.
The ABBL chief says banks are permanently improving their systems, with alerts for any transactions to an unusual country for the customer, even if the amount is small. “All clients will have an individual risk profile for their payments,” he explains.
The recent scams were pointed out by ABBL a year and a half ago, he adds. But the issue is that criminals are quick to adapt their methods and collect their victims’ data in advance in a very professional manner. Grbic suggests that banks and authorities are constantly lagging behind scammers’ creativity.
The public should therefore be vigilant on all levels. Banks are constantly battling cybercrime, but politics are also needed, says Grbic, although he did not elaborate how.
