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HomeLatviaClients of Latvia's four largest banks were defrauded of EUR 8.432 million...

Clients of Latvia’s four largest banks were defrauded of EUR 8.432 million in first five months

Clients of Latvia’s four largest banks were defrauded of 8.432 million euros in the first five months of this year, by confirming payments themselves, which is 94.3 percent more than during the corresponding period of 2023, according to the published data of the Financial Industry Association.

In total, 4,195 fraud cases were registered in the January-May of this year, which is 55.3 percent more than in January-May of 2023.

At the same time, 7,038 cases of fraud were prevented in January–May for a total of EUR 5.38 million.

In the first five months of this year, Latvia’s four largest banks reported 2,448 phone scams, in which clients lost EUR 5,194,337 in total. Also, EUR 2,334,181 were lost in 1,376 cases of investment fraud and EUR 903,964 were stolen in 371 other scams.

As reported, scammers defrauded clients of Latvia’s four largest banks of EUR 12.662 million last year – 5.2 percent more than in 2022.

In all, 7,795 fraud cases were recorded in 2023, the banking association said.

Meanwhile, 13,537 cases of attempted fraud targeting EUR 9.218 million worth of assets were averted in 2023.

Last year, Latvia’s four largest banks reported 3,140 phone scams, in which clients lost EUR 5,579,011 in total. Also, EUR 5,603,496 were lost in 3,671 cases of investment fraud and EUR 1,479,787 were stolen in 984 other scams.

Latvia’s four largest banks by assets are Swedbank, SEB Banka, Citadele and the Latvian branch of Luminor.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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