Swindlers are acquiring Russian bank cards under the pretense of "verification"
VTB Specialists Warn Against Sophisticated Social Engineering Scheme
In a concerning development, experts at VTB bank have discovered a new social engineering scheme. Scammers pose as bank employees or authorities, persuading victims to surrender their bank cards for "verification." This tactic not only results in the victims losing their own funds but also inadvertently recruits them as unwitting intermediaries (mules) for the withdrawal of funds from other victims.
These scammers make calls to Russians, claiming to be bank staff or law enforcement officers. Through coercion, they trick victims into revealing their card PINs and handing over the cards to an alleged courier, who purports to be verifying the card's authenticity, installing protection, or detaching it from the account. The PIN is requested during the call, to be entered on the phone or a special website. Afterwards, the scammers withdraw the victim's money through an ATM (using the obtained PIN) and use the card to cash out funds from other victims. In addition to financial losses, victims become linked in the criminal chain.
As Dmitry Revyakin, Vice President of VTB and Head of the Corporate Interests Protection Department in the Security Department, stated, "Scammers exploit people's fears by impersonating official organizations like banks and law enforcement. Their aim is to make the victim willingly hand over their card to maximize profits. It's crucial to recognize that when you give your card to a 'bank courier' and share SMS codes, you're not just taking the risk of losing your money; you're also becoming part of the criminal network. Scammers deliberately choose methods to have the victim, unsuspectingly, participate in cashing out funds from other victims. If your bank card is compromised, immediately block it by contacting the bank's customer service center or doing it yourself through online banking. Prompt action can help prevent unauthorized transactions."
Revyakin also pointed out that the demand for mules among scammers remains persistent. While the banking sector is taking steps to complicate mule activity, banks are currently identifying more mules. For instance, in 2024, over 148,000 mules were detected, which is 5.5 times more than in 2023.
"During the past year, we've stopped over 1.5 billion rubles stolen from clients. In two years, over 380 million rubles have been returned to victims from drop accounts. We actively participate in anti-drop policy and support the development of new mechanisms to combat them effectively," added Revyakin.
Similar cases have been reported elsewhere, with fraudsters misrepresenting themselves as bank staff and law enforcement officials to dupe victims into transferring funds. As with this scam, the victims end up serving as intermediaries, unknowingly aiding in the illicit financial transactions.
When researching the recent social engineering scheme in Russia, one can delve into various information sources. These include cybersecurity news websites, Russian media outlets, government and cybersecurity alerts, and social media platforms and forums. The search also reveals that the sophistication of social engineering scams has been growing, with fraudsters employing psychological manipulation and AI-driven tactics to trick victims into divulging sensitive information or acting as accomplices in financial crimes. Some scams, like the one described, have strong parallels with the broader context of financial fraud in Russia.
- In the realm of general news and crime-and-justice, the banking-and-insurance sector, specifically VTB, has expressed concerns about a sophisticated social engineering scheme that targets Russian citizens.
- This scheme, operating within the finance industry, involves scammers posing as bank employees or authorities, recruiting unwitting intermediaries (mules) to withdraw funds from multiple victims, underscoring the importance of recognizing the signs of such scams.
- As the demand for mules remains high among cybercriminals, the finance industry, particularly VTB, is committed to combating this issue, working alongside government agencies and cybersecurity organizations to thwart the ongoing problem of social engineering schemes in finance and banking-and-insurance sectors.
