Bronze statue of Biatec in front of the National Bank of Slovakia headquarters. (source: SITA)
Slovaks are far quicker to complain about their banks and insurers than they are to read the contracts they sign, according to the National Bank of Slovakia. Almost 75 percent of complaints lodged with the central bank last year were dismissed as groundless, reflecting widespread misunderstanding of financial products.
Those who were in the right, however, were rewarded. A quarter of valid claims led to payouts, returning €307,000 to clients in 2024 – a sharp drop from more than €500,000 a year earlier, the central bank said in its annual report.
What to do if you are unhappy with a financial institution
Complain directly to the provider
First, contact your bank, insurer or other financial service provider and request a remedy.
Use the channels they offer: customer helpline, email, in‑branch, or written complaint.
Banks unresolved at this stage can also be escalated to the Slovak Banking Association’s Alternative Dispute Resolution Institute; insurance issues may go to the Insurance Ombudsman.
Escalate to the National Bank of Slovakia (NBS)
If you are not satisfied with the response, you can submit a written or electronic complaint to the NBS, which is the single contact point for financial consumer complaints.
Attach supporting documents such as contracts, terms and conditions, and any correspondence with the financial institution.
Banks attracted the highest number of grievances, but most were misguided. Customers frequently reported being “robbed” after authorising transfers to fraudsters, often tricked by deepfake videos of public figures or phone calls from scammers posing as NBS staff promoting fictitious investments. Because the payments were voluntary and approved by the victims, banks bore no liability.
Cybersecurity group Eset said Slovakia is now among the world’s most frequent targets for such high‑yield investment scams, prompting calls for caution and verification of all offers on official channels.
Slovenská sporiteľňa warns over deepfake scam featuring its CEO
Slovakia’s largest retail bank has warned customers to ignore a wave of online videos falsely promoting a “miracle” investment scheme using its chief executive’s likeness.
The deepfake clips, circulating on YouTube and other social media platforms, appear to show Peter Krutil, chief executive of Slovenská sporiteľňa, urging viewers to invest via a new mobile application promising quick wealth.
The bank stressed that the videos are fraudulent and that Krutil is not associated with any such investment platform. It urged the public to exercise caution and not to engage with the offers in any form.
Insurance complaints more successful
Insurance companies were the second most common target of complaints, accounting for 38 percent of cases, and almost four in ten of these were upheld. Most related to non-life cover, particularly the reimbursement of rental cars after vehicles were written off.
A recent Constitutional Court ruling has forced insurers to cover rental costs until claims are fully settled and funds reach the customer’s account, not merely until they inform clients of the loss assessment – effectively extending coverage until a replacement car can be purchased.
By contrast, many unsuccessful complaints stemmed from misunderstanding public‑promise policies, such as cover for collisions with wild animals. If the insurer’s public pledge required a police report, drivers who failed to file one had no claim, even if the law itself did not mandate it.
The NBS also rejected complaints about ATM withdrawal limits or the inability to select banknote denominations, noting that banks are entitled to impose such conditions, including on their own customers.
Overview of financial consumer submissions in 2024
Sector | Number of Submissions | % of Total | Justified Submissions | % of Total |
|---|---|---|---|---|
Banking | 644 | 40% | 117 | 18% |
– Payment accounts | 105 | 7% | 16 | 15% |
– Other (within banking) | 101 | 6% | 22 | 22% |
– Payment services | 244 | 15% | 27 | 11% |
– Loans | 166 | 10% | 46 | 28% |
– Deposit products | 28 | 2% | 6 | 21% |
Insurance | 603 | 38% | 226 | 37% |
– Non‑life insurance | 457 | 29% | 177 | 39% |
– Life insurance | 146 | 9% | 49 | 34% |
Capital markets | 69 | 4% | 18 | 26% |
– Securities dealers (OCP) | 7 | 0% | 1 | 14% |
– Collective investment schemes | 21 | 1% | 4 | 19% |
– Other supervised entities | 41 | 3% | 13 | 32% |
Non‑bank lenders | 81 | 5% | 19 | 23% |
– Consumer loans | 55 | 3% | 19 | 35% |
– Debt‑collection companies | 9 | 1% | 0 | 0% |
– Other (outside NBS remit) | 17 | 1% | 0 | 0% |
Supplementary pension saving | 9 | 1% | 2 | 22% |
Intermediaries | 51 | 3% | 17 | 33% |
Old‑age pension saving | 91 | 6% | 0 | 0% |
Other* | 54 | 3% | 0 | 0% |
Total | 1,602 | 100% | 399 | 25% |
*“Other” includes submissions outside the scope of the NBS or those not classified in the main categories.
The findings underscore a persistent gap between consumer confidence and contractual reality in Slovakia’s financial sector — where, more often than not, the fine print still wins.
How to protect yourself from online financial fraud
1. Strong, unique passwords are your first line of defence
Create passwords that combine upper- and lower-case letters, numbers and special characters.
Never reuse passwords across different services – repetition is a major vulnerability.
Consider using a password manager to securely store and generate complex credentials.
2. Enable two‑factor authentication (2FA)
Turn on 2FA wherever possible – via SMS, authentication apps or hardware security keys.
Use it not just for internet banking, but also for email, social media and online shopping accounts.
Remember: even less prominent apps may hold sensitive personal data.
3. Beware of phishing – think before you click
Avoid clicking links in unsolicited emails or text messages.
No legitimate bank will ever request your password or one‑time verification codes by email or over the phone.
Always verify website addresses – they should start with https:// and belong to a trusted domain.
4. Use virtual or single‑use cards for online payments
When shopping online, prefer virtual or prepaid cards.
This is especially useful when travelling to countries with lower cybersecurity standards.
Some banks allow you to generate one‑time card numbers for specific transactions.
5. Keep your software up to date
Regularly update your operating system, browsers, antivirus and all apps.
Security patches often fix vulnerabilities that criminals actively exploit.
6. Monitor your accounts in real time
Check account statements and transaction history frequently.
Enable instant notifications for all transactions via SMS or app push alerts.
7. Shop only with verified merchants
Check reviews, security certificates and terms of service.
Be wary of suspiciously cheap offers or unknown e‑shops – if it looks too good to be true, it probably is.
8. Be vigilant with phone calls
Never disclose your PIN, CVV, passwords or one‑time codes over the phone.
If in doubt, hang up and call your bank back using the official number listed on its website or card.
Source: NBS
