Beware of online scams, how technology fuels financial crimes

2025-05-24 11:20:00, Ekonomi CNA

You would never fall prey to an online scam, would you? Wrong, cybersecurity experts say. Scammers use time-tested tactics that can work on anyone, regardless of age or intelligence. Cybercriminals use psychological manipulation to trick you and take your money, and their strategies are becoming increasingly sophisticated…

In June 2024, Albanian and Italian authorities uncovered a fraud scheme operating through call centers in Tirana and Italy. The scheme primarily targeted Italian citizens, deceiving them into signing new contracts for the supply of electricity and gas.

The scammers used Artificial Intelligence technology to imitate victims' voices, recording positive "yes" responses and then using these recordings to fake acceptance of new contracts.

In just three months, over 1,000 Italians were defrauded, causing a financial loss of around 9 million euros. SPAK conducted inspections at three call centers in Tirana involved in this illegal activity. This is just one of the many cases that have occurred in recent years in our country.

Online fraud is becoming a worrying phenomenon in Albania, affecting both ordinary citizens and businesses. At a time when digitalization has become an inseparable part of everyday life, risks in cyberspace are rapidly increasing.

Using the internet for shopping, communication, and investing has brought great benefits, but it has also opened doors for fraudsters, who exploit the lack of information and security to manipulate their victims.

The increased use of social networks, online transactions, and digital platforms has created fertile ground for various fraudulent schemes, including fake investment schemes, theft of personal data, and cyberattacks targeting individuals and businesses.

Digital fraud is no longer a sporadic problem, but a growing phenomenon that is affecting an ever-increasing number of people.

According to reports from the State Police and the Electronic and Postal Communications Authority (AKEP), the number of cases of digital fraud has increased significantly in recent years. This shows that, despite efforts to raise awareness and protective measures, cybersecurity challenges remain significant.

This trend has brought significant financial losses, in addition to psychological and legal consequences for victims. The scams range from classic phishing schemes to more complex attacks such as ransomware and fictitious investment schemes.

The most common forms of online fraud

When asked by "Monitor", the State Police did not provide details on the cases that have occurred in recent years in Albania, but provided the latest figures on the total number of online frauds. For the period January-September 2024, there were a total of 146 cases.

"During the period January-September 2024, 146 cases of criminal offenses in the field of computer fraud were identified. The victims of these cases are in the age group of 35-70 years. The investigations have shown that the perpetrators of these cases have acted mainly from countries outside Albania", - the State Police announces.

According to data obtained in the field, the forms of fraud can be:

-Phishing scams and data theft

Fraudsters send emails or messages on behalf of financial institutions, well-known companies, or even government agencies. Citizens are tricked into clicking on fake links, where they are asked to enter personal and banking information, which is then used for fraudulent purposes.

-Online shopping scams

Fake platforms advertise quality products at low prices, but after customers make payments, the products are never shipped. Social media has become one of the main tools that scammers use for these schemes.

-Fictitious investments and “Ponzi” schemes

Advertisements promising high profits in cryptocurrencies, the stock market, or dubious startups are on the rise. Many citizens fall prey to promises of high financial returns and lose significant amounts of money.

-Financial services and credit fraud

Some individuals and websites offer quick loans with minimal interest, but after citizens pay "administrative fees," the scammers disappear.

-Malware and ransomware attacks

Businesses and institutions are often targeted by virus attacks that encrypt their data. Once the system is locked, the scammers demand payments in cryptocurrency to restore access.

How can citizens and businesses be protected?

-Verify online sites before making payments. Only use trusted stores and platforms.

-Do not share personal and banking information. Banks never ask for confidential information via email or text message.

-Use strong passwords and enable two-factor verification.

-Beware of schemes that promise high profits.

-Report suspicious cases to the competent institutions./ Monitor Magazine