Ukrainian Scammers on the Rise – How to Protect Your Money from Them

This year alone, Ukrainian scammers have defrauded people out of more than 8 billion forints (nearly 20 million euros). A multitude of people are unaware of how many different ways they can protect the money in their bank accounts. In many cases, protective measures are already in the hands of customers, specifically through the banking mobile apps they use daily.

Illustration (Photo: Pixabay)

Many are unaware of how to protect their bank-held money. Many customers only start thinking about financial protection after falling victim to fraud—or in more fortunate cases, after hearing about a scam incident within their circle. Yet, the opportunity for prevention is often already available to customers in their mobile banking apps, as highlighted by financial site BiztosDontes.hu..

Ukrainian fraudsters have already swindled over eight billion forints (about 20 million euros) from people this year. (Photo: Pixabay)

As previously reported, Prime Minister Viktor Orban stated last Friday on Kossuth Radio that the number of phishing crimes and online scams has surged recently. He warned that no one is safe, as scammers are becoming increasingly sophisticated and that more than 8 billion forints (nearly 20 million euros) have already been stolen this year. He added that scammers exploit the goodwill and generosity of Hungarians. While authorities are doing everything they can to recover the hard-earned money, this task is extremely difficult—only 1.5 billion forints (3.7 million euros) have been recovered so far. The prime minister also stated that organized criminal groups are behind the online scams, with 80% of them being Ukrainian.

Available Protective Measures

BiztosDontes notes that daily transfer limits which were introduced at all domestic banks following the recommendation of the Hungarian National Bank (MNB), have received significant media attention. But the portal also cites many other available tools to protect your money.

Identifying Bank Calls via App: This feature is available at Granit and OTP Banks, with more banks expected to follow. These developments help detect scam calls, as the bank’s app will not display fraudulent numbers.

CyberShield Messages: Part of a national effort, these alerts notify users when sensitive account data changes, or when cards are requested, digitized, activated, or blocked. They’re available at all banks via SMS or in-app notifications. Account holders at K&H Bank can manage them, themselves in the bank's app.

Daily Transfer Limits: Can be set in mobile apps of CIB Bank, Erste Bank, Granit Bank, K&H Bank, MagNet Bank and OTP Bank. Other banks offer this opportunity via internet banking, phone and at branches.

Blocking Bank Cards: Customers can instantly and freely suspend card use with one click. This "block" prevents scammers from using the card, and it can be reactivated at any time.

Geolocation Restrictions: At CIB and OTP Bank, customers can restrict card use outside safe domestic or EU regions. OTP and Raiffeisen Bank also allow turning off online use altogether. These settings can be modified any time at no cost.

Temporary Account Lock: OTP Bank’s app lets users temporarily block account access if suspicious activity is suspected. This prevents access from other devices, and only phone support or a bank branch can restore it.

Managing Multiple Devices: Apps like BinX and Erste George allow users to log out parallel sessions on other devices from a primary one.

Banks Also Implement Automatic Protections

Banks are evolving to combat fraud and can now block suspicious transactions the moment they occur. With card payments, they detect mass or geographically unlikely activity. They even filter out transactions that occur so far apart in distance they couldn’t possibly be made in the available time—especially effective against card-cloning fraud. Card companies like Mastercard and Visa also operate their own fraud-detection systems.

These systems work better if customers notify banks before traveling abroad, avoiding the risk of legitimate foreign transactions being blocked as suspicious.

However, detecting transfer-based scams is harder, since customers usually initiate the transactions themselves in good faith after being misled. This aligns with a record spike in frauds involving psychological manipulation in the last quarter of the previous year.

The most important rule for all account holders—but especially for older customers, who are more vulnerable—is to always say no to any phone call or request involving bank account information. In case of the slightest doubt, always verify the request by calling your bank’s official customer service number.

Cover Image: Illustration (Photo: Pixabay)