EuroBic Fraud Victims in Portugal Await EU Refund Rule

Outside the closed glass doors of a once-bustling EuroBic branch, frustration has hardened into determination. People who trusted the bank for decades—long before it was absorbed by Spain’s Abanca—now find themselves chasing answers about six-figure transfers that drained their accounts. Investigations are under way, but for the lesados the clock keeps ticking while savings remain out of reach.

From BPN to Abanca: how a familiar logo lost its shine

The institution at the centre of the storm has worn many names. Some depositors still remember the collapse of BPN in 2008; others switched their salary deposits to EuroBic during the boom of digital banking. When Abanca completed its €180 M takeover in 2024, executives heralded a “new era”. Instead, branch closures—24 in the past year—and the scrapping of 60 jobs have coincided with a surge of complaints. For residents across Portugal who prize face-to-face service, the sight of shuttered counters feels like a metaphor: customer care pushed into a call-centre queue just as cyber-criminals become more sophisticated.

How the money vanished: anatomy of the October fraud wave

Victims describe remarkably similar scenarios. A phone call purportedly from the bank, an SMS containing a security code, and then a cascade of alerts confirming transfers they never intended. One Lisbon entrepreneur says €85 000 disappeared in minutes, allegedly after a staff member encouraged her to “verify” a transaction online. Another client watched €106 000 exit in five separate payments. Cyber-security analysts point to phishing websites that mimic genuine online banking pages and social-engineering scripts that coax users into revealing credentials. The pattern, they warn, is part of a continental crime wave exploiting pandemic-era digital habits.

Bank’s defence: systems intact, blame the scammers

EuroBic—now branded Abanca—insists its firewalls held firm. Internal audits, the bank says, show no breach of core infrastructure; every contested transfer was confirmed by credentials “known only to the client” and authenticated via SMS. Executives repeatedly stress that “external schemes ever more sophisticated” fooled customers, not IT flaws. They have beefed up pop-up warnings inside the app, re-circulated Polícia Judiciária advisories, and promised full cooperation with prosecutors. Yet their refusal to reimburse losses has fuelled accusations of corporate indifference. Several protesters outside the Avenida da República branch waved placards accusing the bank of “washing its hands” of responsibility.

The human cost: stories from Lisbon’s pavements

Beyond spreadsheets and forensic logs lies real hardship. Maria, a retired teacher from Setúbal, has postponed a grandson’s university tuition after losing her emergency fund. Jorge, a small-business owner from Braga, had to negotiate with suppliers when his working capital vanished overnight. Each recounts the same Kafkaesque ritual: emails unanswered, helpline menus looping, in-person meetings rescheduled at the last minute. Consumer-rights association Deco labels the communication gap “an avoidable second trauma” that compounds financial loss with emotional distress. For many, the weekly vigil outside bank doors has become therapy as much as protest.

Legal landscape: new EU rule could tip the balance

Relief may soon arrive, though not from Abanca’s goodwill. Starting next week, Brussels will oblige every euro-zone bank to match the beneficiary’s name with the IBAN before releasing funds. If a mismatch is ignored and money disappears, the institution must refund the client immediately. Portuguese regulators call the reform “a seismic shift” that places liability squarely on banks rather than victims. Meanwhile, the Banco de Portugal has an open supervisory file and the Ministério Público is tracking destination accounts linked to the frauds. No collective lawsuit has materialised, but lawyers see the forthcoming EU rule as a potential game-changer when courts assign damages.

What affected customers can still do

Specialists advise victims to preserve all SMS codes, call logs, and browser history as evidence; file a criminal complaint within 72 hours; and notify both the Banco de Portugal and the European Consumer Centre in Lisbon. Some have turned to fintech start-ups that specialize in charge-back negotiations, although success rates remain unclear. Deco urges clients to resist signing any waiver in exchange for “goodwill” compensation offers, warning that could forfeit future claims once the new regulation enters force.

Looking ahead: trust on the line

In a country where savings culture remains strong, the EuroBic saga has become a cautionary tale about the fragility of digital finance. Abanca says it will finish rebranding every branch by December, betting that a fresh façade can restore confidence. But for the hundreds who still gather each Friday, the real currency in short supply is not euros—it is trust. Until missing funds reappear, that deficit may prove hardest to close.