Financial Crime World

Bulgaria’s Financial Sector Fights Back Against Cybercrime: The Association of Banks in Bulgaria Joins Europol’s Campaign against Cyber Fraud

The financial sector in Bulgaria is taking a stand against the rising tide of cybercrime by joining forces with Europol in an information campaign.

Rising Cybercrime in Bulgaria

According to the Europol’s latest report, Bulgaria is a hotspot for cybercrime, with financial institutions being among the most targeted. Here are some statistics:

  • Bulgaria reported over 3,000 cyber attacks between January and June 2021. (European Union’s law enforcement agency)

Europol’s Campaign against Cyber Fraud

To raise awareness among online customers about the most common types of online fraud, the Association of Banks in Bulgaria (ABB) and its members have joined Europol’s campaign against cyber fraud. This campaign started in October 2021.

Sharing Knowledge and Resources

ABB and its members are sharing information and resources to educate their customers about online safety. They are advising their customers to:

  1. Avoid unsolicited messages: Ignore texts or emails asking for personal information or demanding urgent action.
  2. Keep software up-to-date: Regularly update software to protect against known vulnerabilities.
  3. Use strong passwords: Create unique passwords for each account and avoid using easily guessable information.

Europol’s Larger Effort

This campaign is not only a local effort, but a part of Europol’s larger European initiative to tackle cybercrime. The Bulgarian authorities are working closely with their European counterparts to share intelligence and coordinate responses to cyber attacks.

ABB’s Commitment

ABB and its members are committed to protecting their customers from cybercrime. They encourage all online users to report any suspicious activity to their bank or the relevant authorities.

Background

  • Cybercrime in Bulgaria: A major issue with financial institutions being targeted. (Europol)
  • The Association of Banks in Bulgaria (ABB): Represents the interests of the Bulgarian banking sector. (ABB)
  • Europol: EU’s law enforcement agency against serious crime, including cybercrime. (Europol)

By working together, they aim to create a safer online environment for everyone.