Press Release

17th of August 2017

The Association of Banks in Bulgaria and GDCOC-MI join forces in the fight against cyber frauds

The Association of Banks in Bulgaria (ABB) and the General Directorate Combating Organized Crime – Ministry of Interior (GDCOC-MI) signed a Memorandum of Understanding reconfirming the intention to intensify their efforts to prevent and fight cyber frauds and to increase the consumers’ awareness in relation with their protection from such crimes.

Closer interaction between the banking sector in Bulgaria and law enforcement authorities seeks to address better the growing cyber threats. ABB and GDCOC-MI agree that new and increasingly unconventional ways in which financial services users are attacked by criminals can be successfully handled through educational campaigns. Those information campaigns aim at raising citizens’ awareness and making them familiar with the different ways in which they can be targeted and what actions to take in order not to be vulnerable to threats. Awareness of the citizens acting in their personal capacity or as representatives of legal entities is key in order to recognize and prevent the recent attacks, such as phishing, malware, ransomware and the distribution of other types of malicious software.

The cooperation between the two organizations has already led to successful information campaigns aiming at the prevention of cybercrimes and awareness raising amongst the Bulgarian citizens. One example is the European campaign against “money mules”, which was jointly conducted in Bulgaria last November.

Banks in Bulgaria are actively engaged in the prevention and fight against cyber threats and make every effort to help their clients not to become victims of such crimes and attempts. The signing of a Memorandum of Understanding with GDCOC-MI is another step in this direction.