site.btaOver 80 Bulgarian Companies Suffer from IBAN-Switch Cyber-Crimes

Since the beginning of 2024, more than 80 Bulgarian companies have reported suffering from cybercrimes with their International Bank Account Number (IBAN) being switched. The companies suffered losses of about EUR 12 million, said Vladimir Dimitrov, head of the cybersecurity unit with the General Directorate for Combating Organised Crime. He was speaking Wednesday at the Global Cyber Security Summit 2024 organized by Schwarz IT Bulgaria.

Among the topics discussed at the forum, opened by Vice President Iliana Iotova, are new trends in cybersecurity, cyber defence and action during crisis situations, Bulgaria's cybersecurity strategy.

In 2023, about 70 Bulgarian companies were tricked by emails and sent money to their contractors, as a result of which they lost over EUR 12 million, Dimitrov said. He explained that the problem comes from Nigerian organized crime groups that have specialized in IBAN switching fraud for years. The expert added that those are extremely serious crimes that lead to thousands of euros in losses for Bulgarian businesses.

According to Dimitrov, the biggest problem at the moment is investment fraud, almost every day there are two or three citizens who report that they have lost money. Money laundering is a separate activity which is also linked to cybercrime. There are about 10-15 organized crime groups all over the world that operate and "launder" money, Dimitrov added.

The expert noted romance fraud as another cyber-related problem. In his words, every month there is a Bulgarian woman who falls in love with a US military man on Facebook, and some of the victims send tens of thousands of leva, take loans from banks, from relatives. 

During the forum, German Embassy Economic Section Head Moritz Seiler noted the importance of security strengthening and the need for Bulgaria and Germany to work together on protection from cyber-attacks.

Since the beginning of the Russian aggression against Ukraine, German companies and federal authorities have noticed a sudden rise in cyber-attacks and an increase in financial losses. Schwarz IT Board Member Rocco Gehring noted the importance of cyber security for companies. In his words, during a commodity crisis, retail infrastructure becomes critical and protecting it becomes difficult, therefore companies need professionals in the field and partners in finding solutions to protect their infrastructure.

Schwartz IT Bulgaria CEO Michail Petrov said that the topic of cyber security has never been so relevant and urgent. The forum is not just an event, it is a call to action, Petrov added. The digital transformation must be accompanied by effective protection measures, each director is responsible not only to his company and shareholders, but to the whole of society, Petrov concluded.