Although Bizum scams are nothing new, the Bank of Spain has just issued a new statement warning that these types of scams have become increasingly sophisticated and complex. Consequently, scams carried out via instant payment services such as Bizum have not only increased in number but have also become more sophisticated over time. Therefore, in order to protect ourselves from these scams, it is important that users are aware of their rights and act with caution.
To do this, you need to understand how Bizum scams work and be aware that fraudsters, as well as exploiting the speed and immediacy of this app, use social engineering techniques to manipulate, pressure and deceive their victims.
Among the most common scams is the so-called ‘reverse Bizum’. In this scam – carried out mainly on buying and selling platforms such as Milanuncios, Wallapop or Vinted – cybercriminals pretend to be buyers interested in purchasing one of the advertised products. However, just as it appears they are about to make the payment, the supposed buyer sends a money transfer request instead of completing the transaction. In this way, the victim, believing this to be a standard procedure, authorises the payment without realising that they are sending money instead of receiving it.
Another type of scam is the “fake refund”, in which the cybercriminal tricks the victim into believing they have sent a transfer by mistake, and then asks them to return the money they supposedly received. In such cases, victims often agree to the request straight away without checking whether they have actually received the transfer or whether the amount requested matches what they received.
Given the current evolution of the digital landscape, ECC-Spain reminds users that, on Bizum, money can be sent and requested. Hence the importance of learning to distinguish between the two operations. As a tip, users should bear in mind that to receive money via Bizum, the bank will not ask for any authorisation and the payment will be made automatically without requiring confirmation. In such cases, the bank will simply notify you that a payment has been received, so any request for validation should be examined with particular care, as it may be a case of fraud.
It is also important to note that payments made via the Bizum app cannot be cancelled, and that – should you receive an unsolicited payment – you should contact your bank immediately to verify its authenticity before making any further transactions or initiating a refund. It is also important to be wary of urgent requests or unknown senders. In any case, before carrying out any transaction on Bizum, the identity of the requester must be verified, ensuring that the sender is indeed who they claim to be.
Similarly, ECC-Spain emphasises that users have the right to receive clear information about the transactions they carry out and to rely on the protection of their financial institution in the event of suspicious transactions. If you fall victim to a scam, you have the right to lodge a complaint with your financial institution and to report the incident to the police, providing all available information to assist the investigation.
Source: Bank of Spain.