Financial Crime World

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Online Banking Fraud Prevention: Bulgarian Banks Join Forces to Warn Citizens

As part of the European Cyber Security Month, Bulgarian banks are launching an information campaign to educate customers about common online fraud schemes and how to protect themselves. The campaign, organized by Europol, the European Banking Federation, and private and public sector partners, aims to raise awareness among citizens about the risks associated with cybercrimes.

Common Online Fraud Schemes

The Association of Banks in Bulgaria (ABB) and its member banks are participating in the campaign by distributing animated and video materials to customers, highlighting the most common types of online fraud. These include:

  • CEO Fraud: Scammers posing as CEOs or senior representatives to trick victims into making unauthorized payments or transfers.
  • Invoice Fraud: Targeting businesses by pretending to be clients or suppliers.
  • Phishing/Smishing/Vishing: Criminals calling, texting, or emailing customers to extract sensitive information.
  • Spoofed Bank Website Fraud: Fake websites that mimic legitimate banking sites, designed to steal financial and personal data.
  • Romance Scams: Online dating profiles, social media, or email used to manipulate victims into sending money or sharing sensitive information.
  • Personal Data Theft: Cybercriminals harvesting sensitive information from social media channels to commit identity theft, bank fraud, and other crimes.
  • Investment and Online Shopping Scams: Unrealistic returns or discounts promised to lure victims into parting with their money.

The Growing Concern of Cybercrime

The Internet has become a prime target for cybercriminals, who adapt quickly to changing consumer habits and exploit vulnerabilities in the digital environment. The Covid-19 pandemic has accelerated these trends, making electronic channels an increasingly preferred method of consuming goods and services.

Social Engineering: A Powerful Tool for Cybercriminals

Social engineering remains a powerful tool for cybercriminals, with phishing being the most common means of perpetrating fraud. Raising awareness and training individuals on how to protect themselves from cyberattacks is crucial in combating these schemes.

Bulgarian Banks’ Commitment to Education and Prevention

ABB and its member banks are committed to educating citizens about online fraud and supporting efforts to prevent financial crimes. More information on the most common types of cyber fraud can be found in brochures and videos available online, as well as on the websites and social media channels of participating banking institutions.

By staying informed and taking proactive measures to protect themselves, individuals can reduce their risk of falling victim to online fraud schemes and ensure a safer digital experience.