Published: December 17 2023
In Hungary, online scams have been on the rise, with customers experiencing greater losses. The number of fraudulent bank card transactions and the amount of financial loss has been increasing rapidly. It is crucial for bank customers to be vigilant and protect their banking information.
Increase in Financial Losses
The value of bank card losses has increased 19-fold in the past three years. The number and value of fraudulent bank transfers have exceeded the total for the previous year in the last quarter alone. While the number of fraudulent bank card transactions has decreased, the value of these transactions has grown as criminals carry out higher-value transactions with stolen card data.
Methods Used by Criminals
Phishing scams, where criminals obtain card data through fake websites or by posing as delivery companies, are the most common and result in the highest losses. It is essential to be cautious when providing bank card information during online transactions, especially during the holiday shopping season.
Growing Responsibility for Customers
As customers' negligence is often the cause of losses, the amount of financial loss that customers bear has also been increasing. The total amount of damages incurred by customers due to fraudulent card transactions has more than doubled from the previous year, and it is nearly 19 times higher than in 2020.
Types of Fraudulent Activities
In addition to phishing scams, there has been an increase in fraudulent activities involving non-card electronic transactions such as transfers and collections. The total amount of financial loss incurred by customers in these types of transactions is significant. The number of successful fraud attempts has been steadily increasing, with over 1,000 incidents reported per quarter in 2022.
Conclusion
The rise in online scams and the resulting financial losses highlight the importance of being cautious and proactive in protecting personal banking information. Staying informed about the latest fraud techniques and taking necessary precautions can help individuals avoid becoming victims of online scams.
Questions & Answers
What is the increase in online scams in Budapest? The value of bank card damages has increased 19 times in three years.
How have customers been affected by online scams in Budapest? Customers have experienced greater losses due to the increasing value of fraudulent transactions.
What type of scams are becoming more common in Hungary? Internet scams are becoming more common in Hungary, according to data from the Hungarian National Bank (MNB). The methods used by scammers are constantly changing.
What are the most common and high-value scams in Hungary? Scammers most commonly misuse card data obtained through phishing and engage in fraudulent transactions with stolen or counterfeit cards. The number and value of scams involving stolen or counterfeit cards pale in comparison to those involving data obtained through phishing.
How can scammers obtain card data in Hungary? Scammers can obtain card data through various methods, such as requesting information from unsuspecting buyers or sellers on fake pages of courier companies. It is important to be cautious and provide card data carefully, especially during holiday shopping seasons when there may be notifications about customs fees or requests for card data re-entry.
How has customer negligence contributed to losses in Hungary? Customer negligence has been found to be a contributing factor to losses. As a result, the amount of losses borne by customers has been increasing.
How has the value of card-related damages in Hungary changed over time? The value of card-related damages has increased significantly. The value in the third quarter of this year was more than twice that of last year, over six times larger than in 2021, and nineteen times larger than in 2020.
How have non-card electronic transactions been affected by scams in Hungary? The number and value of fraudulent non-card electronic transactions, such as transfers and collections, have also increased. Although the total amount of damages imposed on customers (7.1 billion HUF) may seem significant, it is minimal compared to the overall transaction volume of 420 trillion HUF.
What is the trend of successful and attempted fraud in Hungary? The number of successful fraud and attempted fraud cases has been increasing rapidly. In the third quarter alone, there were 6,884 attempted frauds and 5,667 successful frauds registered by the central bank. Within a single quarter, over 9 billion HUF worth of damages were caused, which is higher than the total for the entire year of 2022.
What are the most typical types of scams in Hungary? Phishing and theft of personal or identifying information continue to be the most common types of scams. Additionally, a significant portion of scams involve psychological manipulation or direct access to customers' mobile wallets, online banking, or registered cards with merchants.
What should customers do to protect themselves from scams in Hungary? Customers should stay informed about the latest scams and regularly update their knowledge on how to defend against them. The Bank360.hu website has summarized the most common tricks and ways to protect against them in an article.
