EAST Development Director Rui Carvalho presented at the fifth edition of the Europol Training Course on Payment Card Fraud Forensics and Investigations at the Spanish National Police Academy in Ávila, Spain. His talk gave an overview of EAST, shared the latest statistics and trends on terminal fraud in Europe from the perspective of the private sector, and covered trends in payments, including an overview of regional and global e-wallets.
The Europol training, which ran from 8 to 12 July 2019, covered a wide range of topics in the area of payment fraud, including online skimming, logical attacks on ATMs, card data analysis, cryptocurrencies, social engineering attacks and loyalty card fraud.
The training course was attended by 53 Investigators, forensic experts, and accredited trainers from 25 countries in the European Union, as well as from Colombia, Moldova and the United States. Presentations were given by Europol staff and by key private sector organisations (including EAST). Since the first training in 2015 over 250 international students have benefited from the training programme, which has been supported by EAST from the outset.
This kind of event highlights the importance of close cooperation between the public and private sectors in the fight against cybercrime and all emerging threats in the field of payment card fraud. Such cooperation is enhanced by regular training, and by shared updates on investigative techniques and the improvement of forensic capabilities.
Europol’s European Cybercrime Centre (EC3), the European Banking Federation (EBF) and their partners from the public and private sector have launched the cyberscams awareness campaign (#Cyberscams) as part of the European Cyber Security Month (ECMS). The ECMS is an EU awareness campaign that promotes cyber security among citizens and organisations, highlighting simple steps that can be taken to protect their personal, financial and professional data.
Over the next week, law enforcement agencies from all 28 EU Member States, 5 non- EU Member States, 24 national banking associations and banks and many other cybercrime fighters will be raising awareness about this criminal phenomenon. This pan-European endeavour will be driven by a communication campaign via social media channels and national law enforcement, bank associations and financial institutions. The EAST Payments Task Force (EPTF) focuses on tackling such cyberscams.
Europol’s Internet Organised Crime Threat Assessemtnt (IOCTA) 2018 recommendations highlight that the most effective defence against social engineering is the education of potential victims – that’s each and every one of us when online! Raising awareness among the general public on how to identify cyberscams will help to protect us and keep our finances safe online.
Awareness-raising material in 27 languages is available for public download – this includes information on the 7 most common online financial scams, and how to avoid them. These are:
- CEO fraud: scammers pretend to be your CEO or senior representative in the organisation and trick you into paying a fake invoice or making an unauthorised transfer out of the business account.
- Invoice fraud: they pretend to be one of your clients/suppliers and trick you into paying future invoices into a different bank account.
- Phishing/Smishing/Vishing: they call you, send you a text message or an email to trick you into sharing your personal, financial or security information.
- Spoofed bank website fraud: they use bank phishing emails with a link to the spoofed website. Once you click on the link, various methods are used to collect your financial and personal information. The site will look like its legitimate counterpart, with small differences.
- Romance scam: they pretend to be interested in a romantic relationship. It commonly takes place on online dating websites, but scammers often use social media or email to make contact.
- Personal data theft: they harvest your personal information via social media channels.
- Investment and online shopping scams: they make you think you are on a smart investment… or present you with a great fake online offer.
Some general tips to help avoid falling victim to the above cyberscams are:
- Check your online accounts regularly.
- Check your bank account regularly and report any suspicious activity to your bank.
- Perform online payments only on secure websites (check the URL bar for the padlock and https) and using secure connections (choose a mobile network instead of public Wi-Fi).
- Your bank will never ask you for sensitive information such as your online account credentials over the phone or email.
- If an offer sounds too good to be true, it’s almost always a scam.
- Keep your personal information safe and secure.
- Be very careful about how much personal information you share on social network sites. Fraudsters can use your information and pictures to create a fake identity or to target you with a scam.
- If you think that you have provided your account details to a scammer, contact your bank immediately.
- Always report any suspected fraud attempt to the police, even if you did not fall victim to the scam.
Don’t become a cyberscams victim! Stay aware and spread the word
In a website research poll that ran from May to August 2017 participants were asked how they saw fraud risk developing for ATMs. 67% of respondents felt that malware and black box attacks were the biggest risk, 20% went for card skimming, 7% chose social engineering, and cash trapping and card trapping were each chosen by 3%. The poll results can be seen in the chart below.
This poll result is in line with EAST’s published European ATM fraud statistics, with reports that date back to 2004. Over the past thirteen years we have seen fraud trends change, particularly since the EMV (Chip and PIN) roll out commenced. Most recently we have seen an increase in black box attacks, as highlighted in an ATM Crime Report published by EAST in April 2017 and covering the full year 2016.
The current website research poll, which closes at the end of December, is on Payment Fraud and asks if you have experienced losses due to payment fraud over the past two years, how long did it take to get reimbursed? To take it, and to see all past results, visit the Payment and Terminal Research page on this website.
EAST Executive Director Lachlan Gunn presented EAST and the latest EAST European ATM Crime Report at a Fraud Summit held by the Information Security Media Group (ISMG) in London on 27th October 2015.
The event was held at the Tower Guoman Hotel beside Tower Bridge and the Tower of London. A key theme of the summit was that fraud is a global problem and that to fight it global collaboration is essential.
Other speakers who covered payment fraud included Neira Jones, an independent cyber and payments security expert who focused on social engineering; and Jeremy King, the PCI Security Standards Council’s International Director, whose talk highlighted that European data breaches are under-reported.
More information can be found on The Fraud Blog by Tracy Kitten.
In an EAST website research poll that ran from September to December 2014 respondents were asked the question ‘What do you feel is the biggest fraud risk to the ATM channel over the next few years?’
52% chose malware, 37% voted for card skimming, 4% for cash trapping, 3% for card trapping and 3% for social engineering.
Malware is an emerging fraud trend for the ATM channel. EAST has been reporting European ATM fraud statistics since 2004. Over the past decade we have seen fraud trends change, particularly since the EMV (Chip and PIN) roll out commenced. Most recently we have seen a shift from hi-tech skimming to lo-tech card and cash trapping. Our next European ATM Crime report, covering the full year 2014, is scheduled for publication in April 2015.
You can see some of our ATM Fraud definitions on this website. We define ATM Malware as either ‘cash out/jackpotting’ or ‘card and Pin compromise’ and a definition for social engineering is ‘the clever manipulation of the human tendency to trust’.
The current website research poll is on cardholder awareness and asks the question – ‘How often do you see fraud warnings and fraud prevention messages displayed on ATMs in your country?’ To take it, and to see all past results, visit the ATM Research Page on this website, or click on the button below.