Bulgaria Battles Rising Tide of Financial Fraud: Europol-Led Campaign Warns of Online Scams

As part of the European Cyber Security Month, the Association of Banks in Bulgaria (ABB) has launched an information campaign to educate citizens on the most common types of online fraud and how to protect themselves. The initiative, organized by Europol, the European Banking Federation, and private and public sector partners, aims to raise awareness about the increasing threat of financial fraud in the country.

Types of Online Frauds

CEO Fraud

Scammers pose as CEOs or senior representatives to trick victims into paying fake invoices or making unauthorized transfers.
This type of fraud is particularly popular among criminals.

Invoice Fraud

Criminals pretend to be clients or suppliers and trick users into paying future invoices into a different bank account under their control.
This scheme can result in significant financial losses for individuals and businesses alike.

Phishing, Smishing, and Vishing

Scammers use emails, text messages, and phone calls to trick victims into sharing personal, financial, or security information.
These tactics are used to steal sensitive data, gain access to bank accounts, and engage in other illegal activities.

Spoofed Bank Website Fraud

Criminals use phishing emails with links to fake websites that look like legitimate ones, allowing them to collect sensitive data.
This type of fraud can result in the theft of personal information, financial data, and even identity theft.

Romance Scams

Scammers pose as romantic partners to extort money and personal data from victims.
These scams often target vulnerable individuals, including the elderly and those with low self-esteem.

Criminals use social media channels to access bank accounts, obtain credit, or engage in other illegal activities.
This type of fraud can result in significant financial losses and damage to personal reputation.

Investment and Online Shopping Scams

Criminals use sophisticated tricks and tempting offers to convince unsuspecting individuals to part with their money or financial information.
These scams often target investors, shoppers, and anyone looking for a quick profit.

The Internet as a Fertile Ground for Cybercriminals

Adapting to Changing Consumer Habits

Cybercriminals quickly adapt to changing consumer habits and use new opportunities for fraud.
They are becoming increasingly innovative and difficult to detect.

Raising Public Awareness

To combat this growing threat, ABB and its members are committed to raising public awareness about the identification of fraudulent techniques while operating online. They are also working with relevant institutions and organizations to protect individuals from financial and other crimes.

Protecting Yourself Online

Stay informed about common cyber fraud types through campaign materials and banking institution websites and social media channels.
Be cautious when sharing personal, financial, or security information online.
Verify the authenticity of emails, text messages, and phone calls before responding to them.
Use strong passwords and keep them confidential.

By staying informed and taking proactive steps to protect yourself online, you can help prevent falling victim to these scams and stay safe in the digital world.