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Alarming Rise: Bank Card Fraud Triples in Moldova, Millions Stolen

Instances of bank card fraud have nearly tripled in 2023, according to representatives of the National Bank of Moldova. Scammers have managed to pilfer around 29 million lei from citizens' accounts, a concerning surge.

Victor Șușu, director of the Payment Systems Department at the National Bank of Moldova, disclosed this disconcerting trend at an Expert Group event. He underscored that scammers, under various guises, prey on unsuspecting victims, often posing as representatives of financial institutions or trusted individuals.

Victor Șușu further elaborated, highlighting that a staggering 75.4 percent of the total fraud value stems from social engineering tactics. Typically, individuals are duped into divulging access data to their cards or mobile banking by cunning perpetrators. Subsequently, scammers exploit this information either by directly withdrawing funds from ATMs or transferring them to alternate accounts.

Reports have surfaced from individuals who recount similar encounters, where they were targeted by impostors posing as bank representatives, soliciting sensitive banking details under false pretences. One individual shared, "I have received such calls, not just once. The callers promised money transfers or prizes in exchange for banking details. Naturally, I refused such suspicious requests outright."

Addressing the need for vigilance, another remarked, "No one should have any business with your banking details unless you initiate the request yourself. I have even educated my elderly parents on this matter."

Marina Soloviova, program director at Expert Group, emphasised the imperative for citizens to adhere to stringent security protocols, especially from the moment they receive their bank cards. She stressed the importance of refraining from sharing card details, activating two-factor authentication, and regularly scrutinising transaction histories for any irregularities.

Data from the National Investigation Inspectorate underscores the severity of the situation, with approximately 670 cases of bank card theft recorded in 2022 alone. This stark reality underscores the urgency for heightened awareness and proactive measures to safeguard against financial exploitation.

Translation by Iurie Tataru

Dumitru Petruleac

Dumitru Petruleac

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