Bulgarian Authorities Warn of Fraud Schemes Linked to Euro Adoption
As Bulgaria adopting the euro, law enforcement authorities are reporting an increase in fraud schemes exploiting public uncertainty around the currency transition.
The General Directorate “National Police” confirms that fraud campaigns are already active, targeting both individuals and businesses through social engineering techniques.
“Account update” scams dominate
The most prevalent scheme involves phone calls impersonating banks or financial institutions, claiming that urgent account updates are required due to the euro transition. Victims are pressured to disclose:
login credentials;
card details;
transaction confirmation codes.
Authorities stress that legitimate banks never request sensitive information by phone or message.
Foreign-origin calls and persuasive financial language
Many calls originate from foreign numbers and are conducted in English or broken Bulgarian, using convincing financial terminology. This significantly increases the success rate among less experienced users.
Risk of counterfeit euro banknotes
During the period of dual circulation of the lev and the euro, authorities also warn of an increased risk of counterfeit euro banknotes, especially in cash transactions and informal payments.
Citizens are advised to report any suspicions immediately, as knowingly using counterfeit currency is a criminal offense.
Fraud statistics
Police data for the first 11 months of 2025 shows:
1,597 registered fraud cases;
a 14% year-on-year increase;
approximately 20% related to phone scams.
DIAMATIX Perspective
Currency transitions are a well-known catalyst for fraud across Europe. In the coming months, organizations should expect increased phishing, vishing, and impersonation attempts using the euro narrative as leverage.
Awareness, clear procedures, and skepticism toward urgent data requests remain the most effective defenses.
Additional Resource from DIAMATIX
In response to the growing wave of fraud and social engineering campaigns, DIAMATIX hosted a dedicated webinar “Cyber Risks and Fraud During Bulgaria’s Euro Adoption”, focusing on real-world attack scenarios and practical mitigation strategies.
On our resources page, you can access the webinar recording, presentation materials, and additional guidance on identifying and reducing financial and cyber fraud risks during the euro transition period.
Trusted · Innovative · Vigilant
Sources:
- Bulgarian Ministry of Interior (National Police);
- Nova TV Bulgaria;
- Standart Daily;
- Publicly available MoI crime statistics (2025).
