Fraudulent Activity Detection in Banking in Moldova Republic Hits Alarming Levels, Experts Warn

Surge in Bank Card Fraud Cases Raises Concerns

Representatives from the National Bank of Moldova have reported a staggering surge in bank card fraud cases, with instances nearly tripling in 2023. According to data provided by the National Investigation Inspectorate, scammers have successfully pilfered approximately 29 million lei from citizens’ accounts.

Social Engineering Tactics Account for Majority of Fraud Cases

At an Expert Group event, Victor Sușu, director of the Payment Systems Department at the National Bank of Moldova, highlighted that the majority of fraud cases can be attributed to social engineering tactics. A staggering 75.4 percent of total fraud value is linked to these schemes, which typically involve individuals divulging access data to their cards or mobile banking by cunning perpetrators.

Harrowing Stories of Victims

Victims have come forward with harrowing stories of being targeted by impostors posing as bank representatives, who solicit sensitive banking details under false pretences. One individual shared a chilling account of receiving multiple calls from scammers promising money transfers or prizes in exchange for banking information, which they promptly refused.

Experts Emphasize Importance of Vigilance and Security Protocols

Experts emphasize the need for citizens to remain vigilant and adhere to stringent security protocols, particularly when first receiving their bank cards. Marina Soloviova, program director at Expert Group, stresses the importance of:

• Refraining from sharing card details
• Activating two-factor authentication
• Regularly scrutinizing transaction histories for any irregularities

670 Cases of Bank Card Theft Recorded in 2022

The stark reality is that approximately 670 cases of bank card theft were recorded in 2022 alone, underscoring the urgency for heightened awareness and proactive measures to safeguard against financial exploitation. As experts warn, it is crucial for citizens to prioritize their financial security by being mindful of suspicious activity and taking necessary precautions to prevent fraudulent transactions.

Takeaways

• Bank card fraud cases have nearly tripled in 2023
• Social engineering tactics account for 75.4% of total fraud value
• Victims are often targeted through phone calls or emails
• Experts emphasize the importance of vigilance, security protocols, and proactive measures to prevent financial exploitation