Cybercrime rises as scammers use phishing and AI to target bank accounts

Cybercriminals are increasingly using sophisticated methods to target bank accounts through phishing and social engineering. In Bjelovar, Croatia, a 31-year-old man lost 1,500 euros after receiving an SMS claiming his mobile banking application required urgent ‘optimization.’ Upon clicking the provided link and entering his security code, he lost access to his application. He discovered the theft when he was unable to withdraw cash from an ATM, finding that four unauthorized transactions had been transferred to a foreign account.

Broader trends indicate that scammers are utilizing artificial intelligence and caller ID spoofing to enhance their deception. Common tactics include ‘phantom hacking’ scams, where victims are told their devices are infected with viruses. Criminals often pose as technical support, bank employees, or police officers to create a sense of urgency. They may attempt to convince victims to install remote access software or transfer funds to ‘safe’ accounts controlled by the perpetrators.