Warning on Online Financial Fraud and Scams Using Artificial Intelligence
Bulgarian National Bank has circulated information from the European Supervisory Authorities warning consumers about the risks of financial loss
In response to the growing number of cases of online financial fraud and scams involving the use of artificial intelligence, the Bulgarian National Bank has circulated information from the European Supervisory Authorities warning consumers about the risks of financial loss and identity theft and providing guidance on how to protect their personal and banking data.
The document covers various types of online financial fraud and scams, including impersonation and the use of deepfakes, phishing and social engineering, investment and insurance fraud, romance scams, as well as online shopping scams.
The European Supervisory Authorities also provide specific guidance on what consumers should do if they have fallen victim to such activities. Consumers are advised to immediately stop any transactions in order to prevent further transfers to suspicious accounts and limit additional losses; contact their bank or financial institution through official communication channels; change the passwords used for their devices and relevant applications and websites; and report the incident to the police or the competent national authority.
Particular attention is also given to so-called “recovery room” scams. In these cases, fraudsters pose as representatives of public authorities – such as the police, tax authorities or financial authorities – and offer, for a fee, to recover funds lost in a previous scam.
The full text of the information material is available here in Bulgarian languange.