Fraud Losses in Latvia Rise in Early 2025, Banks Prevent Significant Further Losses
Data released by the Financial Industry Association (FNA) reveals that fraudsters scammed Latvian customers out of €2,564,345 in the first quarter of 2025. This figure represents the confirmed losses from 1412 recorded fraud cases.
The most prevalent type of fraud was telephone scams, accounting for 642 incidents and losses totaling €1,192,275. Investment fraud followed closely with 604 cases resulting in €1,182,526 lost. An additional 166 cases of other fraud types led to losses of €189,544.
However, financial institutions were prosperous in preventing even greater losses. During the same period,4043 fraud attempts were thwarted,averting potential financial damage of €2,289,284. Of these prevented attempts, 1106 were telephone scams with a potential loss of €886,609, and 2,706 were investment fraud attempts that could have resulted in €1,195,540 in losses. Another 231 attempts of other fraud types were also stopped, preventing potential losses of €207,135.
These figures follow a trend from 2024, where Latvia’s four largest banks – Swedbank, SEB banka, Citadele Bank, and Luminor Bank – experienced €15.5 million in fraud-related losses across 9025 cases.They successfully eliminated €12.2 million in potential losses from 17,314 fraud attempts during that year.
SEB Banka Relocates to new Riga Office
In related news, SEB banka is currently relocating its Valdlauči Office to a new facility at 95 Elizabetes street, Riga, within the “Satekles Business Center.” The move is being phased, with employees expected to fully transition by the end of September.
The new office incorporates lasting features, including 180 bicycle parking spaces, electric vehicle charging points, solar panels, and adaptive blinds. The building also utilizes a “light follows man” system, eliminating the need for traditional light switches.
SEB Leasing reported a turnover of €23.582 million in 2024,an 18.8% increase year-over-year. Though, the company’s profit decreased significantly, falling to €903,465 – a fourfold reduction from the previous year.
