Banco de Portugal warned that, although the number of scams involving bank cards and electronic payments has decreased, losses per victim increased significantly during the first half of 2024. According to the payment systems report published by the regulator, the amounts diverted by criminals rose, indicating that the scams have become more sophisticated and effective. In total, card and bank transfer fraud caused losses approaching nine million euros in just six months.
Scammers frequently use fake messages sent via SMS or messaging applications, as well as advertisements on social media promising employment opportunities, profitable investments, or quick gains. Many victims are convinced to make an initial payment with the expectation of receiving a larger refund, ultimately losing money that is transferred to accounts controlled by the criminals. The scheme known as "Hello Dad, Hello Mom," in which scammers impersonate family members in urgent situations, continues to be among the most frequent.
Operations carried out outside the European Union present considerably higher risk levels than those carried out domestically. The report indicates that the majority of cases are related to the improper obtaining of cardholder data, with another significant portion of fraud resulting from the alteration of payment instructions to unintended recipients.
Banco de Portugal recommends that account holders contact their bank immediately regarding any suspicious activity and file reports with the competent authorities, such as the Judicial Police. The use of enhanced authentication mechanisms, such as codes on the mobile phone or biometric recognition, remains one of the most effective forms of protection against these scams.
