Clients of Latvia's four largest banks defrauded of EUR 10.783 million in 11 months

RIGA - Clients of Latvia's four largest banks in the first 11 months of this year have been defrauded of EUR 10.783 million in payments approved by themselves, according to data published by Finance Latvia Association.

In total, 4,780 fraud cases have been committed in the said period, and 4,141 fraud cases for EUR 4.8 million have been prevented.

In the first 11 months of 2022, there had been 1,948 cases of telephone fraud, defrauding bank clients of EUR 2.347 million, 1,759 investment fraud cases, defrauding EUR 4.551 million, and 1,073 other cases of fraud, defrauding EUR 3.885 million.

As reported, in 2021, clients of Latvia's four largest banks were defrauded of EUR 11.073 million in payments approved by themselves, while fraud cases for EUR 3.257 million were prevented.

Latvia's four largest banks by assets are Swedbank, SEB Banka, Citadele bank and the Latvian branch of Luminor Bank, according to the data from the Finance and Capital Market Commission and Finance Latvia Association.