Banco de Portugal has launched a new alert about the increase in scams associated with MB WAY, one of the most used payment applications in Portugal. According to the regulator, the schemes have occurred mainly on platforms for buying and selling used items, where fraudsters pretend to be buyers or sellers to access victims’ bank accounts.
According to Banco de Portugal, MB WAY is an application that allows you to send and receive money instantly, but its ease of use has been exploited by criminals to deceive less attentive users.
Scams happen both to those who already use the app and to those who are convinced to join during a negotiation.
How scammers work
In one of the most common schemes, the fraudster presents himself as a buyer, accepts the price of the item and offers to pay via MB WAY.
If the seller does not have the application, the fraudster convinces him to join an ATM, asking him to associate his cell phone number with the victim’s bank card, which gives him direct access to the account and allows transfers to be made without authorization.
In other cases, when the seller already has MB WAY, the fraudster asks for the cell phone number to “make payment”, but uses the “request money” functionality instead of “send money”. The victim receives a notification and, if they accept it without checking, they end up transferring the value of the item to the fraudster.
Essential protective measures
Banco de Portugal recommends that users never share personal data, access codes or banking credentials. Whenever possible, transactions should be carried out in person and in public places, allowing the buyer and seller to confirm payment and the condition of the item simultaneously.
Another essential measure is to associate only your own mobile phone number with MB WAY and install the application only through official stores. The access code must be strong and personal and must never be shared with third parties.
It should also be noted that it is crucial to check notifications before accepting them, ensuring that you are receiving (and not sending) money.
What to do if you are a victim of scam
Anyone who suspects they have been deceived should immediately contact the bank to block transactions and file a complaint with the authorities: PSP, GNR or Judiciary Police.
Banco de Portugal also advises you to keep all messages and proof to help with the investigation.
The regulator reminds us that “prevention is the best defense against fraud” and reinforces that you should never trust strangers who offer help to join MB WAY or complete payments.
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