In a move to combat the escalating threat of financial fraud, the Luxembourg Bankers’ Association (ABBL) said  that the 49 10 10 hotline, the common contact point for customers to report lost or stolen bank cards, had been expanded to provide anti-fraud services round the clock.

The initiative was developed by 6 Luxembourg banks, the payment network operator Worldline and digital identity provider Luxtrust.

The need for such measures has become increasingly evident as financial fraud attempts, encompassing phishing, smishing, vishing and the theft or duplication of credit/debit cards, have not only multiplied but also advanced in sophistication, the ABBL said in its announcement on Thursday 21 December. Despite significant investments by Luxembourg financial institutions in digital security and ongoing efforts to educate clients on fraud prevention best practices, the risk of successful fraud attempts remains a concern. ABBL noted that in many successful cases, victims inadvertently disclosed their personal identifiers or security codes to fraudsters.

The extended services of the 49 10 10 hotline, now operational 24 hours a day, seven days a week, will offer bank customers the means to report fraud or suspicious transactions anytime, particularly outside regular bank operating hours. During business hours, clients have the option to contact their bank or Luxtrust directly. However, outside these times, calls will either be automatically rerouted to Worldline’s emergency number or clients will be instructed to directly contact the hotline.

The 6 banks are Banque de Luxembourg, Banque Internationale à Luxembourg, Banque Raiffeisen, BGL BNP Paribas, Post Luxembourg and Spuerkeess.