Financial Crime World

Bosnia and Herzegovina Sees Rise in Online Fraud and Identity Theft

Rising Tide of Cyber Attacks in Bosnia and Herzegovina

Sarajevo, Bosnia and Herzegovina - A growing trend of online fraud and identity theft is sweeping through Bosnia and Herzegovina, with citizens being targeted by sophisticated scams and phishing attacks. According to the Association of Banks of BiH, the most common methods of fraud are sweepstakes and humanitarian campaigns that aim to collect sensitive personal and financial data from unsuspecting victims.

Most Common Methods of Fraud

  • Sweepstakes and Humanitarian Campaigns: Scammers use fake websites and social media platforms to lure victims into revealing their sensitive information.
  • Phishing, Smishing, and CEO Scams: Hackers use social engineering tactics to trick victims into revealing card numbers, expiration dates, and CVV codes.

The Role of the COVID-19 Pandemic

The COVID-19 pandemic has accelerated the shift towards online transactions, leading to an increase in cyber attacks on bank accounts. Online shoppers have become more frequent targets for scams, with attackers using fake websites and social engineering tactics to steal sensitive information.

Banks’ Response to Cyber Attacks

Banks in Bosnia and Herzegovina have implemented the same security standards used by banks in the European Union to protect customers from cyber attacks and identity theft. Citizens who suspect they may be a victim of a hacker attack are urged to contact their bank immediately to block compromised cards.

Tips for Staying Safe Online

  • Be Cautious When Making Online Purchases: Avoid shopping on unverified websites.
  • Use 3D Secure Security Standard: Add an extra layer of protection against unauthorized transactions.
  • Report Suspicious Activity: Inform your bank if you suspect a hacker attack.

Conclusion

Online safety is everyone’s responsibility. The Association of Banks of Bosnia and Herzegovina is working hard to educate citizens on how to stay safe online, but we need their help too. Stay vigilant, be cautious, and report any suspicious activity to protect yourself from online fraud and identity theft.