AI-Driven Bank Scam in Netherlands Extracts Over $423,000 from Victims

Authorities in the Netherlands have apprehended two suspects involved in a sophisticated bank scam utilizing AI technology. The Rotterdam police cybercrime unit reported that the operation siphoned off around €380,000 (about $423,114) from 170 victims within a short span of three weeks.

The suspects, aged 23 and 25, were arrested on October 6. The younger suspect is believed to have developed the technology used in the scam, while the older suspect coordinated the fraudulent activities. Victims received phone calls featuring a recorded message that warned them of suspicious activity on their bank accounts.

Using AI, the scammers created multiple voice recordings impersonating various banks and companies. Victims who engaged with the call were connected to a fake bank employee who urged them to act quickly to secure their accounts. They were instructed to download a specific app and hold their bank card against their phone, which allowed the scammers to steal data from the card’s contactless chip.

This data was then exploited by an accomplice at an ATM or payment terminal, enabling significant withdrawals without the victims' knowledge. The victims, ranging from their twenties to thirties, were located across the Netherlands.

The investigation began in mid-September after Dutch banks alerted authorities to this new fraudulent method through the Electronic Crimes Task Force, a collaboration between banks, police, and prosecutors. Following the arrests, police have dismantled the servers used in the scam and seized the suspects' electronic devices.

Ruben van Well from the Rotterdam cybercrime team emphasized the sophistication of the scam, stating, “No more scammer at the door, but a convincing caller who comes across as incredibly professional.” He cautioned the public to be vigilant and to hang up if they feel something is off during such calls.