Bulgaria’s Banks Join Forces to Combat Seven Most Popular Types of Financial Frauds Online Consumers Face

As part of the European Cyber Security Month, Bulgarian banks have launched an information campaign against the seven most common types of financial frauds that online consumers encounter. The campaign, organized by Europol, the European Banking Federation and private and public sector partners, aims to raise awareness among bank customers about the tactics used by cybercriminals.

Types of Financial Frauds Online Consumers Should Be Aware Of

According to the Association of Banks in Bulgaria and its members, who are participating in the campaign, there are seven types of financial fraud that online consumers should be aware of:

CEO Fraud: Scammers pose as a company’s CEO or senior representative to trick victims into making unauthorized transactions.
Invoice Fraud: Criminals pretend to be clients or suppliers to obtain payment for fake invoices.
Phishing, Smishing, and Vishing: Trick individuals into sharing personal and financial information.
Spoofed Bank Website Fraud: Criminals use fake websites to collect sensitive data.
Romance Scams: Scammers pose as romantic interests to extort money and personal information.
Personal Data Theft: Cybercriminals harvest personal information from social media channels.
Investment and Online Shopping Scams: Individuals are tricked into investing in fraudulent schemes or purchasing fake products.

Campaign Details

The campaign will run from October 17th to 23rd and includes law enforcement agencies from all 28 EU Member States and 5 non-EU countries as well as 24 banking associations from Europe. The Association of Banks in Bulgaria and its members will publish and distribute animated and video materials containing information about these types of fraud and tips on how to protect oneself.

The Importance of Protecting Oneself

The Internet has become a fertile ground for cybercriminals, who use sophisticated tricks and tempting offers to obtain money or valuable financial information from unsuspecting individuals. Social engineering continues to be the engine of many cybercrimes, with phishing being the most frequent means of doing so. The most effective protection against social engineering is training potential victims, which can be any Internet user.

Association’s Commitment

The Association of Banks in Bulgaria and its members are committed to raising public awareness of these fraudulent techniques and supporting the work of relevant institutions and organizations to protect individuals from becoming victims of financial crimes. More information on the most common types of cyber fraud can be found in information brochures and videos, as well as on the websites of banking institutions and their social media channels.