OTP Bank Warns of Surge in Financial Scams in Hungary: What to Watch Out For
Financial scams have become a growing concern in Hungary, with OTP Bank reporting a significant increase in attempts to steal personal information and money using the institution’s name. Here’s what you need to know to stay vigilant.
Increase in Financial Scams in Hungary
According to Pénzcentrum, OTP Bank, Hungary’s largest lender, has reported a surge in financial scams trying to target its customers. Scammers are using various tactics, including posing as bank administrators and phishing for sensitive data and funds.
Evolution of Cybercrime
In the last 30 years, cybercrime has evolved drastically from street and organized crime to online fraud Infostart reports. Last year, over 160,000 cases of credit card fraud occurred in Hungary, causing billions of Hungarian Forints (HUF) in damages.
Recent trends show a marked decrease in traditional bank targeted attacks, with criminals shifting their focus to individual customers.
Common Scams to Watch Out For
Scammers rely on fear tactics to trick their victims. They may call customers, claiming that their account security is at risk or that there’s a suspicious transfer in progress.
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Antivirus software or apps: In such cases, they may ask victims to download “antivirus” software or install apps to prevent illicit money transfers. These tools serve as a gateway for cybercriminals to access victims’ devices and their online banking credentials, making it easier to empty their accounts.
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Security accounts: Scammers may request customers to transfer funds to ‘security accounts’ to prevent or resolve suspected fraudulent transfers, inadvertently handing control to the fraudsters.
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Fake marketplaces: False banking sites and online marketplaces are created to steal unsuspecting victims’ information or trick them into paying fake delivery or insurance fees. For example, a man in Miskolc lost over HUF 400,000 (EUR 1,013) to scammers posing as legitimate online sellers Pénzcentrum.
Identifying Scammers
To help recognize fraudulent attempts, here are some red flags to look out for [Pénzcentrum, National Security Service (Nemzeti Védelmi Szolgálat)]:
- High-pressure calls: If a caller is insisting on completing the transaction right away or appears pushy about rescheduling, hang up and contact your bank immediately.
- Unsolicited requests for sensitive information: If the caller asks for bank card information, account numbers, or tries to coerce you into sharing screenshots or photos of your data, end the call and report it to your financial institution.
- Installing software or sharing confirmation codes: Legitimate bank representatives do not request that customers download any software on their devices or share confirmation codes during calls.
Stay Informed
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Previous articles:
- Budapest taxi fraudsters’ latest scam targeting foreigners – Learn more HERE
- Scammers try to collect tourist tax from Budapest guests – Read about it HERE
Sources: Pénzcentrum, Index