How do fraudsters get access to Ukrainian bank cards? Police expose the scheme

10 March 20:33

A group of fraudsters who accessed customers’ bank accounts has been exposed in Ukraine. This was reported by "Komersant Ukrainian" with reference to the National Police of Ukraine.

The police detained a group of criminals who illegally accessed bank accounts of Ukrainians and conducted financial transactions without their knowledge. The operation was made possible thanks to the cooperation of law enforcement officers and the security service of a Ukrainian bank, which detected suspicious transactions and reported them to the investigating authorities.

How did the criminals act?

According to preliminary data, the participants of the scheme collected and used the data of the bank’s customers to manage their finances without their permission. They used various methods to do so:

Hacking accounts and electronic systems. The fraudsters gained access to personal data that allowed them to log in to the victims’ online banking.
Using fake bank cards. Attackers forged cards to withdraw money from other people’s accounts.
Collecting confidential information. The suspects used phone calls, phishing sites, and other methods to obtain passwords and access codes.

During searches of the suspects’ apartments, the police found draft records with customer details, a large number of bank cards, mobile phones, and other equipment that could have been used for fraud.

Depending on their role in the scheme, the detainees face up to six years in prison. They may also be banned from working in the financial sector or engaging in other activities related to the processing of personal data for up to three years.

The investigation is currently ongoing, and investigators are checking whether the fraudsters may have been involved in other cases of financial fraud. Law enforcement officials urge Ukrainians to be careful not to share their banking data with third parties and to carefully check messages from banks and other financial institutions.

How Ukrainians can protect their bank accounts and cards

Protect your online banking

Enable two-factor authentication. Most banks offer two-factor authentication, which adds an extra layer of security when logging in or making transactions. Always activate this feature.

Use strong and unique passwords. You should create passwords that are at least 12 characters long, combining uppercase and lowercase letters, numbers, and special characters. Avoid using common words, birthdays, or personal information.

Change passwords regularly and never reuse them for different accounts.

Never share your online banking credentials. Banks never ask for a customer’s PIN, password or SMS codes by phone, email or text message. If a person receives a suspicious request, they should contact the bank directly at the official number.

Protect your bank card

Set up transaction notifications. Most banks allow users to receive instant notifications of each transaction via SMS or mobile banking. This helps to detect unauthorized transactions immediately.

Enable spending limits. Ukrainians are advised to limit daily and online transactions to reduce potential losses in the event of fraud. If a person does not use the card for online purchases on a regular basis, it makes sense to turn off online transactions and enable them only when necessary.

Use virtual cards for online purchases. Many Ukrainian banks offer virtual cards that can be used for online payments. Such a card can be loaded with the required amount, preventing access to your main account.

Be careful with contactless payments. To protect against unauthorized wireless scanning, cybersecurity experts recommend using card holders or wallets with RFID blocking. And the best option is to turn off contactless payments if you don’t use them every day.

Learn to recognize phishing and cyber fraud

Fraudsters often impersonate banks, delivery services, or government agencies.

You should carefully check the sender’s email address or phone number before clicking on any link.

In addition, you should check websites before entering card details and not follow links from emails or messages. To do this, you need to enter the address of the bank’s website manually.

Any financial mobile applications or marketplace applications should be downloaded only from official sources, such as Google Play or the App Store. Before installing it, it will be useful to check the rating of the mobile application and read user reviews about it.