Fraudsters Manipulate Account Openings to Use Intra-EU Accounts

by Patrick Müller

07.07.2023

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The Dark Side of Digitalization:
Fraudsters manipulate online account openings to use intra-EU accounts, for example, in CEO fraud.

The Trap: A German Account to Pretend Security.

Advancing digitalization brings us not only comfort and efficiency but also unfortunately opens the doors for cybercriminals who are constantly improving their tactics. Bank accounts can be opened online, and a sophisticated online video identification process ensures that it is indeed the person and not a so-called deep fake.

To trick this system, fraudsters have devised a devious method: they post fake job offers. The task is to go through the account opening process and then provide feedback.

The deceived applicants are asked to provide their personal data for personnel purposes. With this data, the fraudsters open the accounts and send the supposed testers the validation links. Believing they are participating in a test run, the victim-employees unknowingly confirm their data, leading to a real account opening.

The worrying aspect of this method is that the victims do not even realize they have been scammed. Only when unexpected financial activities or even legal problems arise does the extent of the fraud become apparent.

These practices are extremely dangerous for the victims because, in many cases, the victims are liable for the fraudulent transactions made from their accounts. In some cases, it can even lead to criminal consequences.

It is important that we all remain vigilant and take precautions to protect ourselves and our companies from such scams. The benefits of digitalization should not be overshadowed by its rare downsides.

How can we prevent the above scenario?

Companies should revise their training materials to highlight "foreign accounts" as a warning signal.
As individuals, we must be alert when copies of our ID or passport are required/made. This could be by employers, insurance companies, hotels, for rental cars/mobile phones, etc.
The BaFin should review the guidelines for online identification and, for example, include notes on the exclusion of test and quality purposes.
What to do if deceived?
Contact the police for further assistance.
Request a self-disclosure from Schufa to see what reportable activities have been carried out in your name. This may also be advisable without any specific reason.