site.btaElderly at Highest Risk of Fraud During Transition to Euro, Deputy Labour Minister Krastev Says

On Thursday, Ivan Krastev, the Deputy Minister of Labour and Social Policy, said that older people in Bulgaria are the most vulnerable group in society to potential fraud and abuse during the transition from the lev to the euro, which is expected to begin in early 2026. He made his statement during the "Ensuring the Security of the Transition to the Eurozone" forum, which was organized jointly by the Bulgarian Industrial Capital Association (BICA) and the Ministry of the Interior, and hosted by the Sofia Balkan Palace Hotel.

According to Krastev, the other two groups most at risk of fraud and abuse alongside the elderly are the people with disabilities and marginalized groups in society.

He identified two main risks - the different designs of euro banknotes, and the similarity between EUR 1 and 2 coins, and BGN 1 and 2 coins.

He also pointed out that the elderly have savings that will need to be physically exchanged at the official rate, which puts them at further risk.

"The risk lies in the period during which they will take their cash to a bank or Bulgarian Post office and then have to take it home again. Preserving their anonymity and security is a commitment that must not only be made by Bulgarian Post, as it is impossible for them to provide this with their own resources, but also by the Ministry of the Interior at the local level and the local authorities, such as mayor's offices and deputy mayors," said Krastev.

"Next, I would like to mention people with disabilities, such as visual impairments, intellectual difficulties and various mental health conditions, who will also find it extremely difficult to exchange currency," he added.

He pointed out that the ministry has begun working specifically on providing information materials to help people with visual impairments recognize the relevant tactile elements on banknotes and coins when the euro comes into circulation on January 1.

Regarding the third risk group - people from extremely marginalized communities - Krastev said that many of them are of Roma origin and are uneducated and unskilled. Some of them are also functionally and literally illiterate.

"These people are also much more vulnerable to various forms of fraud and abuse of their trust," he said, adding that employees of the labour offices and the Social Assistance Agency inform these individuals about the necessary actions and risks associated with the adoption of the euro when they contact them in connection with the provision of relevant social services.