Customers of Latvia's four largest banks defrauded of EUR 15.5 million last year

  • 2025-01-23
  • LETA/TBT Staff

RIGA - Last year, customers of Latvia's four largest banks were defrauded of EUR 15.5 million, which is 22.4 percent more than a year earlier, according to information provided by the Finance Latvia Association.

The most common forms of fraud are telephone calls or text messages. Fraudsters use a variety of methods, from traditional schemes to the latest cybercrime techniques, the association said. The association stresses that cooperation between all stakeholders and the active participation of the public are critical to prevent an increase in fraud.

The association will report next week on the scale and methods of fraud in Latvia in 2024, including on the amount of money defrauded and the number of fraud cases prevented.

As reported, customers of Latvia's four largest banks were defrauded of a total of EUR 12.662 million in 2023, which is 5.2 percent more than in 2022. A total of 7,795 fraud cases were reported in 2023, 45.6 percent more than in 2022.

At the same time, 13,537 fraud cases were prevented in 2023 for a total of EUR 9.218 million.

Swedbank is the largest bank in Latvia by assets, followed by SEB Banka, Citadele and the Latvian branch of Luminor Bank.