Online Fraud in Banking Operations: Warning Issued by Bank of Portugal

Sophisticated Online Banking Scam Alert

The Bank of Portugal has sounded the alarm about a sophisticated online banking scam, where fraudsters alter the beneficiary’s International Bank Account Number (IBAN) during an online transfer. According to the central bank, this deceitful practice is carried out using malware previously installed on the computer of the individual making the transfer through online banking.

How the Scam Works

• Fraudsters use malware to alter the IBAN of the beneficiary’s payment account at the time of making the transfer.
• The manipulation can occur when the screen freezes or an update message appears during a transfer, followed by a temporary blockage, which may indicate an attempt at fraud.

Red Flags to Watch Out For

• If your screen freezes or an update message appears during a transaction, it could be a sign of fraudulent activity.
• Be vigilant and monitor your accounts carefully for any unusual behavior.

What You Can Do

• Report any suspicious transactions to the authorities immediately.
• Take proactive measures to protect your personal and financial data.

Ongoing Threats in Online Banking Operations

This latest warning highlights the ongoing threat posed by online fraud in banking operations in Portugal. With cybercriminals continually developing new tactics to compromise financial security, it is essential for individuals to remain informed about potential scams and take proactive measures to protect their personal and financial data.

Stay safe and informed!