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Spanish Banks Face 150% Rise in Fraud from Stolen Devices

Spanish Banks Face 150% Rise in Fraud from Stolen Devices

First seen 14 Oct 2026, 14:37 UTC • •
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ThreatCluster AI
ThreatCluster •October 14, 2026 at 17:35 UTC
  • •Fraud from stolen devices in Spain surged by 150% in the past year.
  • •Social engineering scams account for 60% of total fraud losses in the region.
  • •BioCatch reports a 35% increase in malware sessions linked to job and investment scams.

Spanish financial institutions have reported a 150% increase in fraud linked to stolen devices over the past year. This surge is primarily driven by social engineering scams, which now account for 60% of total fraud losses. Criminals are exploiting stolen devices to drain victims' bank accounts and sell the hardware, creating a 'double-profit' scheme. The average value of fraud attempts has risen by 63%, with attempted fraud sessions increasing by 19% and attempted scams by 46%. Malware sessions have also surged by 35%, often associated with bogus trading apps and investment scams. The use of AI-generated voice cloning and video calls has made these scams more convincing. BioCatch, a company specializing in behavioral biometrics, is working with affected banks to enhance fraud detection by analyzing user behavior patterns.

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Timeline

2026-10-14
Fraud statistics released
Spanish banks reported a 150% increase in fraud from stolen devices, with significant rises in attempted fraud and scam sessions.
Ffnews
2026-10-14
BioCatch report published
BioCatch detailed findings on the rise of social engineering scams and malware sessions affecting Spanish banks.
Biocatch

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Common questions

What types of scams are most prevalent?
Social engineering scams are the most common, accounting for 60% of fraud losses.
How are stolen devices being exploited?
Criminals drain bank accounts and sell the stolen devices, creating a double profit.
What measures are banks taking to combat this fraud?
Banks are employing behavioral intelligence to analyze user interactions and detect fraudulent activities.