Is bunq safe and reliable?

Johanna

Hey bunqers 🌈

At bunq, we place a high priority on your security. We continually enhance and introduce cutting-edge techniques in our security hygiene to keep your money and personal information safe.

Deposit Guarantee Scheme (DGS)

We operate under a full European banking license given by the Dutch National Bank (DNB). Included in this banking license is something called the Deposit Guarantee Scheme (DGS). Basically, this insures up to €100,000 of your money. You can read more about the DGS on the website of the Dutch National Bank (DNB) or on our infosheet. You can also have a look at our registration at the DNB here.

Important: The non-Euro Savings accounts aren’t eligible for protection under the Deposit Guarantee Scheme and are subject to value fluctuations.

Your privacy

We keep track of your personal data in order to assess and accept new users, process payment transactions, ensure the security and integrity of the financial sector, and to comply with legal obligations. However, we will never sell this information to third parties. We only provide relevant information to third parties if this is required in order to properly provide our services. That being said, we make it our business to keep this to a minimum. You can find more information about this in our Privacy statement.

How does bunq ensure the security of your account?

In addition to our specialized Compliance team that diligently monitors for any suspicious activities, we have also incorporated several security features within our app. These features provide an additional layer of protection to your bunq account:

-Detection for remote access software: To prevent further loss of funds, we've placed a security feature that identifies the use of remote access applications like AnyDesk, and in case of detection, it automatically places a payment limit on the user's account to prevent potential fraudulent transactions.

IBAN-name check: Reducing the chances of incorrect transfers and potential fraudulent transactions, we've implemented a feature that prompts you to verify and confirm the details if a mismatch is detected between the recipient's name and their IBAN.
Extra security warnings: Helping you stay vigilant and avoid falling victim to scams, we've introduced additional alerts that will notify you during potentially risky actions such as approving a login, initiating a payment, or modifying your daily limit.
Reset your Security Code: For your safety, all other active login sessions will end after you reset your Security Code. If you want to log into your bunq account on a new device, you need to again verify your identity. This measure enhances the security of your account, particularly if you suspect it has been compromised.
-SOS Support: If you somehow can’t recover the access to your account, don’t hesitate to reach our SOS Support at +31208083666. Using this automated flow, you’ll be able to temporarily block your card and bunq account within 1 minute. This will keep your account and funds safe until you regain access. If you suspect your account was hacked, please report the case by filling this form.

How can I ensure the security of my bunq account?

We're committed to ensuring the safety of your funds and preventing unauthorized access or abuse of your bunq account. Here’s what you can do yourself 💪

Have a look at some of our security guidelines:

Always keep your Security Code to yourself and never hand it out if anyone asks you ⛔
Make sure your phone is properly protected (set up at least one form of access protection like a login code)
Check your account regularly, at least once every two weeks.
Always report irregularities to us immediately via the support chat or support@bunq.com and follow any given instructions
Always use the latest version of our app and keep the operating system of your device up-to-date ✅
Do not log in to bunq on any other platform than the bunq app or bunq Web. If you doubt, reach out to bunq in the secure in-app chat.
We will NEVER call you. If you receive a call from someone who pretends to be a bunq representative, hang up and report on bunq.com/report.

Laws and regulations require us to always know who uses our services. This is why we ask you to verify your identity whenever you open a bunq account. Please keep in mind when using bunq that your account is supposed to be for personal use only.