Bulgaria’s Banks Join Forces to Combat Online Fraud with Europol-Backed Campaign
In a bid to combat the growing threat of online fraud, Bulgaria’s banks have joined forces with Europol and other partners to launch an information campaign aimed at educating customers about common types of cybercrimes. The initiative is part of the European Cyber Security Month, a continent-wide effort to promote online safety.
Combating Online Fraud in Bulgaria
The Association of Banks in Bulgaria and its member institutions are participating in the campaign by distributing animated and video materials among their clients, highlighting the most popular types of online fraud and providing tips on how to protect themselves from cyberattacks. According to Europol, some of the most common types of online fraud include:
- CEO Fraud: Scammers posing as CEOs or senior representatives of a company, tricking victims into paying fake invoices or making unauthorized transfers from their business accounts.
- Invoice Fraud: Criminals pretending to be clients or suppliers, convincing victims to pay future invoices into a different bank account controlled by them.
- Phishing/Smishing/Vishing: Cybercriminals calling, texting, or emailing victims, tricking them into sharing personal, financial, or security information that can be used for criminal purposes.
- Spoofed Bank Website Fraud: Criminals creating fake websites that look like legitimate banking platforms, prompting users to enter sensitive information.
- Romance Scams: Scammers pretending to be interested in romantic relationships on online dating sites, social media, or email, eventually seeking money and personal data from their victims.
- Personal Data Theft: Cybercriminals harvesting sensitive information through social media channels, which can be used to access bank accounts, obtain credit, or engage in other illegal activities.
The Threat of Online Fraud
The internet has become a haven for cybercriminals, who adapt quickly to changing consumer habits and exploit vulnerabilities in online systems. The COVID-19 pandemic has accelerated these trends, with more people opting for electronic channels to shop and consume goods and services.
To stay ahead of the curve, Bulgaria’s banks are committed to raising public awareness about fraudulent techniques and supporting efforts to protect individuals from financial crimes. More information on 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 banking institutions.