News

2018-10-15

N26 Bank Under Investigation

On 12 October a report was published in one of the most prestigious German economic newspapers - WirtschaftsWoche, under the title - Bullshit Banking, which exhaustively addresses the problem of the serious lack of security of the N26 Bank in opening accounts for clients of the European Union and evidenced in video the process of forging identity.

BAFIN, the German banking supervisor, has already informed the press that it has opened an inquiry into the N26.

The news was replicated by Germany's mainstream media including Der Spiegel and many others. The news was also projected in France, and the newspaper La Tribune posted a very critical news for the N26, refering that Société General has a similar system for opening accounts.

In Portugal the online account opening is regulated by the Bank of Portugal through CC 2018/000038, which imposes security rules on the video call process (the only process accepted in Portugal for online account opening), appropriate to the existing risks of fraud of identity.