Bulgarian National Bank Warns of Online Financial Scams Involving Artificial Intelligence

The Bulgarian National Bank (BNB) has issued a warning about online financial fraud and fraudulent schemes involving the use of artificial intelligence. The notice, issued by the European Supervisory Authorities, highlights the risks of financial loss and identity theft, as well as measures for protecting personal and banking information.

The warning examines various types of online financial fraud and financial schemes, including impersonation scams and the use of deepfakes, phishing and social engineering, investment or insurance fraud schemes, romance scams designed to deceive victims, and fraudulent schemes involving purchases.

The BNB and the European Supervisory Authorities advise consumers who have fallen victim to such fraud or scam schemes to immediately stop any transactions in order to block further transfers to suspicious accounts and prevent additional losses; contact their bank or financial institution through official communication channels; change passwords for the devices, applications and websites they use; and report the incident to the police or the relevant national competent authority.

The warning also draws particular attention to the dangers of so-called "recovery room" scams, in which an individual claims to represent a public authority (such as the police, tax authorities or financial regulators) and offers to recover money lost in a previous scam in exchange for a fee.