Latvian residents were scammed out of at least 2.5 million euros within the first three months of 2025.
In the banking sector of Latvia, 2024 saw a remarkable year of fraud prevention efforts. A total of 9,025 fraud cases were carried out last year, but thanks to vigilant banks and robust security measures, a significant portion of these attempts were thwarted.
One of the four largest banks in Latvia, Luminor Bank, played a crucial role in this success. They managed to prevent 17,314 fraud cases, amounting to a total of €12.2 million. This impressive feat was not limited to a single type of fraud but encompassed various categories, including investment fraud, telephone scams, and other types of scams.
Investment fraud was a particular area of concern, with 604 cases amounting to €1,182,526 being prevented. Similarly, 642 cases of telephone scams, involving €1,192,275, were successfully stopped. However, it's important to note that no specific bank was named as having the most prevented fraud cases in 2024.
Other types of fraud or scam were also detected and dealt with. A total of 166 cases involving €189,544 were detected, while 231 other scams worth €207,135 were prevented. These figures underscore the comprehensive nature of the fraud prevention efforts.
Unfortunately, not all attempts at fraud were prevented. Last year, a total of €15.5 million was defrauded from customers of Latvia's four largest banks through self-approved payments. This serves as a reminder for the importance of continued vigilance and ongoing efforts to improve fraud prevention measures.
Moving into 2025, the first quarter saw continued success in fraud prevention. A total of 4,043 cases of fraud were prevented in the first three months, amounting to a total of €2,289,284. In the first quarter alone, 1,106 telephone scams worth €886,609 were prevented, and 2,706 investment scams worth €1,195,540 were also thwarted.
However, it's worth noting that no new information regarding fraud cases or amounts prevented in the first quarter or first three months of 2025 was provided.
Latvia's banking sector is dominated by four major players: Luminor Bank, Citadele, SEB banka, and Swedbank, which is the largest bank in Latvia by assets. These banks' ongoing commitment to fraud prevention is evident in the significant results achieved in 2024 and the continued success in 2025.
These figures highlight the importance of robust fraud prevention measures in the banking sector and the ongoing efforts being made to protect customers from financial harm. As the digital landscape continues to evolve, it's likely that fraud prevention will remain a top priority for Latvia's banks in the years to come.
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