In almost half of cases of fraudulent transactions with bank cards, cybercriminals gained access to card data online.
Fraud using bank cards and measures to protect against these crimes were discussed at a meeting in the Economic Council (EC) under the Prime Minister of Moldova, which was held with the participation of representatives of business associations, the National Bank, the Ministry of Internal Affairs, the Information and Security Service, and MasterCard. The data of the National Bank indicate an increase in the number of bank cards in circulation 2.18 million units / (+ 20% compared to the first half of last year), and in 3 months this year, the holders of bank cards carried out non-cash transactions in the amount of 13.7 billion lei. Herewith, citizens withdrawn less cash, preferring online payments. The EC noted that reducing the turnover of cash is a priority in order to reduce the share of the shadow economy: transactions become transparent, taxes are paid from them, and, as a result, wages and pensions increase. However, cashless payments carry a number of risks. Thus, according to the NBM, in the first quarter of 2021, fraud using bank cards was carried out for about 4 million lei, while 45% of such transactions were carried out without a bank card from the fraudsters. This means that attackers obtain card data remotely. In the world, the damage from such crimes exceeds $ 4 billion annually. The Office for Investigation of Information Crimes of the National Investigation Inspectorate reported that in 2020, criminal cases on 16 cases of fraud with bank cards were documented and submitted to the courts. In total, more than 500 criminal cases have been initiated in the country for such crimes, the damage from which is estimated at 165 thousand euros. Meanwhile, many attempts at fraud were prevented, and as a result, crimes worth 1 million euros were prevented. During the discussions, the meeting participants noted that with the spread of electronic commerce, payment systems, banks and law enforcement agencies are taking more and more comprehensive measures to improve the security of non-cash payments, including ensuring the confidentiality of bank card data and their safe use. Measures that could prevent such crimes were also mentioned: strengthening activities to prevent fraud with bank cards; adjusting the quantitative and qualitative limits established for transactions carried out using payment cards; increased complexity of the process of registering users in mobile applications and more developed monitoring of technical parameters of access and use of payment accounts, etc. Most of the meeting participants indicated the need to increase information and digital / financial literacy measures for citizens. The meeting participants received a number of practical recommendations in this area, for example, they were advised to organize internal cybersecurity processes to prevent risks. At the same time, representatives of the business community have relied on constant dialogue and improvement of the legal framework so that protection measures are one step ahead of criminals. Recall that a roadmap is being implemented on the EC platform to accelerate the process of digitalization of the national economy and the development of e-commerce. The EC Secretariat engages local and international experts, the business environment and development partners to provide the authorities with mechanisms and proposals for improving the legal framework in this area. // 15.07.2021 — InfoMarket
