Cyber fraud in the Czech Republic has become significantly more expensive. Attackers also target SVJ accounts

According to data from the Czech Banking Association, 23 869 successful attacks were registered in the first quarter, compared to 22 995 in the same period last year. However, the total damage rose from CZK 364.6 million to CZK 798.7 million and the average damage per victim rose from CZK 15,854 to CZK 33,460. Attempts at fraudulent transactions amounted to approximately CZK 4 billion, of which banks managed to save about CZK 3.4 billion, according to the CBA. The police also pointed out that March this year was the worst month ever in terms of cybercrime, recording 2,533 cases and a year-on-year increase of over 37%.

Fraudsters most often use psychological pressure, long phone calls and the role of fake bankers, police officers or criminals. They convince victims that they need to “save” money by transferring it to a secure account, take out a loan, hand over cash for alleged fingerprinting or install an app that allows remote access to their phone or computer. According to the police, 728 cases have been registered since the beginning of the year with damage of 322 million crowns in fake bankers and police officers fraud alone; the average damage here was 720 thousand crowns and the record case reached 24 million crowns. In addition to individuals, attackers also target people with access to multiple accounts, such as representatives of HOAs, schools or small businesses. Investment fraud, fake ads on social media and whatsapp messages sent from compromised profiles to friends and relatives also remain risky.