The Central Bank of Russia has disclosed a fresh approach used by fraudsters posing as bank employees, who lure people with promises of cash back in rubles, according to a report by TASS.
In this scheme, potential victims are reached by a cold call in which scammers claim they can exchange so-called returns and bonus points earned from everyday purchases. The pitch centers on turning worthless points into real cash, tapping into a sense of urgency and convenience that makes people act quickly without verifying the facts.
During the call, the fraudsters allegedly request bank details and an SMS verification code that arrives from the bank to confirm the supposed transaction and to justify a service commission. In reality, the intercepted information is used to gain unauthorized access and move funds out of the victim’s account, leaving the account holder with financial losses and little recourse.
There is growing concern that this is not an isolated tactic but part of a broader pattern of scams that the central bank has been watching closely. Earlier this year, authorities flagged a new fraud model based on financial pyramids, signaling a broader shift toward schemes that blend traditional deception with more modern financial instruments.
Valery Lyakh, who heads the Central Bank’s Department of Combating Unfair Practices, noted that scammers increasingly rely on cryptocurrencies to build and operate these pyramids. In some cases, deposits are accepted in digital currencies with assurances that the principal and promised returns will be paid back in crypto, creating a layer of perceived legitimacy that can be difficult for ordinary users to unravel. The analyst emphasized that even when digital assets are involved, the underlying fraud remains the same: misrepresentation, coercive recruitment of new participants, and withdrawal of funds from unsuspecting accounts. He urged citizens and investors to exercise heightened skepticism, verify requests for personal information, and avoid transferring money or sharing security codes in response to unsolicited offers. These warnings are especially pertinent to readers in the United States and Canada, where cross-border financial platforms and digital wallets can complicate the ability to recover stolen funds and track down fraudulent activity. The central bank’s guidance highlights practical steps for individuals to protect themselves, including using official channels for any financial service, enabling multi-factor authentication, and reporting suspicious calls or messages to the appropriate authorities immediately. This evolving fraud landscape underscores the need for ongoing education and vigilance among financial consumers across North America.