Banks in latvia Prevent Over €11 Million in Fraud During First Ten months of 2023
riga, Latvia – Latvian banks successfully prevented over €11.19 million in fraud attempts during the first ten months of 2023, according to data released by the Financial and Capital Market Commission (FNA). This represents a notable improvement compared to the same period last year, when fraudsters successfully defrauded citizens of €13.7 million.
In total, 15,374 fraud cases were prevented between january and October of this year. The breakdown includes 4,512 attempted telephone frauds totaling €5.16 million, 9,947 investment fraud attempts amounting to €5.20 million,and 915 other fraud cases prevented,safeguarding €831,181.
October alone saw banks thwart nearly 470 telephone fraud attempts, protecting over €715,000. They also prevented €756,000 in investment fraud (1,144 cases) and €102,000 in other types of fraud (99 cases). While prosperous prevention exceeded fraudulent activity, citizens were still defrauded of approximately €10 million during the ten-month period.
FNA is issuing a warning as the “Black Friday” promotions and pre-holiday shopping season begin, noting that November and December traditionally see increased activity from financial fraudsters. These criminals are utilizing fake sales offers, fraudulent courier messages, and impersonating banks, police, and other authorities.
Fraudsters are creating deceptive online stores, frequently enough mimicking legitimate businesses and promoting them on social media. They are also advertising on platforms like “ss.lv” and “andelemandele.lv,” requesting prepayment for goods that are never delivered.
Key indicators of a scam include unusually low prices, poorly designed websites, incomplete or inauthentic contact details, and suspicious reviews.FNA advises consumers to check service providers against the ”Black List” maintained by the Consumer Rights protection Center (PTAC) at registri.ptac.gov.lv/registri/melnais-saraksts.
Additionally, fraudsters are exploiting the increased volume of deliveries by posing as courier services like “Omniva,” ”DPD,” and “Latvijas pasta,” sending links in text messages and emails requesting shipment confirmation or card data. Suspicious links, misspelled web addresses, and urgent requests for sensitive information are red flags.
Last year, a total of 9,025 fraud cases resulted in €15.5 million in losses,while 17,314 fraud attempts were prevented,protecting €12.2 million.
The largest banks in Latvia,by asset size,are “Swedbank,” “SEB banka,” bank “Citadele,” and the Latvian branch of “Luminor Bank.”
