In the lead-up to Black Friday, cases of fraud involving fake bank employees have spiked in recent months in Belgium. There has also been a rise in fraudulent payments.
Banking federation Febelfin reported an increase in fraud cases involving fake bank employees in recent months: criminals posing as bank employees supposedly want to help protect customers against fraud and ask them to share a computer screen and provide personal codes, for example.
However, instead of blocking transactions, the unsuspecting consumer gives permission to transfer money. The fraudsters call, email or text with a warning of fraud and sometimes even offer to come to the victim's home to pick up valuable items.
Banks are urging people to never carry out certain instructions. "A bank will never ask you to share your personal codes and bank card, to transfer money to an account that is not yours to supposedly secure your money or to install software to remotely take over your screen."
Rising payment fraud
At the same time, there is an increasing wave of payment fraud threatening consumers, retailers and the payment industry – particularly as Black Friday and the end-of-year shopping season will lead to an increase in transactions.
Recent studies by public and private bodies show that cybercriminals are increasingly using AI-based techniques, which allow them to operate on a larger scale and in a more sophisticated way.
The European Central Bank (ECB) and the European Banking Authority (EBA) jointly reported in August 2024 that the total value of fraudulent activity in the European Economic Area (EEA) rose to €4.3 billion in 2022 and €2 billion in the first half of 2023, with card payments accounting for the largest share of fraud.
According to Signicat’s report – called The Battle Against AI-Driven Identity Fraud – overall fraud has increased by 80% over the past three years, with identity fraud up 74%. Account takeover (ATO) is the most prevalent type of fraud, affecting both individuals and businesses.
Anyone who has fallen victim to fraud is advised to immediately contact their bank, which can be done through the Card Stop website (cardstop.be). Blocking certain bank cards can also be done via Card Stop. Finally, victims can file a complaint with the police.
