Greek banks oppose draft bill provision obliging them to compensate scammed customers for losses above 1,000€

Greece’s banks have reportedly expressed opposition to an article in draft law that would oblige them to compensate customers – of figures above 1,000 euros – lost through online and mobile phone scams.

The specific article 22 carries certain conditions that must be met for compensation.

According to reports, banks, the Hellenic Bank Association and even the Bank of Greece (BoG), the country’s central bank, disagree with the legislation, while immediately sending their points of contention in detail letters to the relevant development ministry as part of the public debate portion ahead of any vote in Parliament.

Based on available figures, more than six million euros was stolen from accounts at Greek banks, or 0.01 percent of the 43 billion euros in transactions in the country and one euro stolen for every 7,000 euros transacted.

An electronic theft averages once roughly 6,600 transactions.