Three New Bank Fraud Schemes in Spain That Even Fool Bank Staff

Bank fraud in Spain is becoming increasingly sophisticated. Criminals have developed three new schemes that so convincingly imitate real banks that they can even fool bank employees themselves, reports ABC.

The first scheme involves fake SMS messages. Fraudsters have learned to insert their texts into a user's existing bank message thread, making it impossible to tell an official communication from an attempt to steal money. The message typically warns of a large upcoming charge supposedly from a well-known service — a hotel aggregator or a flight booking platform, for example — and invites the recipient to call a number to cancel the transaction. That number belongs to the scammers, who will try during the call to extract personal details and gain access to the account.

The second scheme is a fake bank app update. The chain begins with an SMS or a call about a suspicious transaction or security issue. On this pretext, the customer is asked to install an "updated version" of their bank's app, which is in fact counterfeit. In some cases, the app may ask the user to hold their card against the phone, enabling the fraudsters to carry out transactions on their behalf.

The third scheme uses a fake bank email address. The customer receives a message styled in the bank's colours and logo, announcing a change to the bank's official email address and asking them to confirm the switch by entering their personal details and password. Fraudsters also ask the recipient to delete the old address from their contacts and add the new one to their trusted list.

To avoid falling into the trap, it is worth remembering that a genuine bank will never ask for passwords, PIN codes, or CVV numbers — by phone, email, or SMS — and that official apps should only be downloaded through the App Store or Google Play. If in any doubt, call the official number on the back of your card or on the bank's official website.