Financial Crime World

Online Banking Security Measures in Bulgaria: Banks Join Forces to Combat Fraud

As part of the European Cyber Security Month, the banks in Bulgaria have launched an information campaign aimed at warning customers about the most common types of online fraud. The initiative, organized by Europol, the European Banking Federation, and private and public sector partners, aims to educate citizens on how to protect themselves from cyber attacks.

Common Types of Online Fraud

The Association of Banks in Bulgaria (ABB) and its members are participating in the campaign by distributing animated and video materials among their customers. These materials provide information about the most common types of online fraud, including:

  • CEO fraud
  • Invoice fraud
  • Phishing/Smishing/Vishing
  • Spoofed bank website fraud
  • Romance scam
  • Personal data theft
  • Investment and online shopping scams

According to Europol, these are the most popular types of fraud that citizens in Bulgaria could become victims of. Cybercriminals use sophisticated tricks, tempting promises, and offers to get money or valuable financial information from unsuspecting individuals.

The Rise of Online Fraud

The Internet has become a magnet for cybercriminals, who adapt quickly to changing consumer habits and the Internet environment provides new opportunities for fraud. The Covid-19 pandemic has accelerated these processes, making electronic channels an increasingly preferred method of consuming goods and services.

Social Engineering: A Growing Concern

Social engineering continues to grow as the engine of many cybercrimes, with phishing being the most frequent means of doing it. Criminals use social engineering to achieve a number of goals, including:

  • Obtaining personal data
  • Operating with foreign bank accounts
  • Stealing identity
  • For other illegal activities

Protecting Yourself Against Online Fraud

The most effective protection against social engineering is raising awareness and training of Internet users about how to protect themselves from cyber attacks. ABB and its members are committed to making efforts to raise public awareness of the identification of such fraudulent techniques while operating in the Internet environment.

To stay informed and vigilant, citizens in Bulgaria can:

  • Refer to the materials distributed by their banks
  • Visit the websites and social media channels of banking institutions
  • Stay up-to-date with the latest information on online fraud

By staying informed and vigilant, citizens in Bulgaria can better protect themselves against online fraud and keep their personal and financial data safe.