Clients of Latvia’s four largest banks lost a total of 10.954 million euros to fraud over the first 11 months of this year by personally authorising payments, the Financial Industry Association (FIA) has reported. This represents a 26% decrease compared with the same period last year.
A total of 6,143 fraud cases were recorded during the 11-month period, down 24% year-on-year, with total losses amounting to 10,953,745 euros.
Of these cases, 3,238 involved telephone scams, resulting in losses of 5,906,321 euros. There were also 2,312 investment fraud cases, with losses of 4,243,667 euros, as well as 593 other types of fraud, accounting for 803,757 euros.
At the same time, banks successfully prevented 17,047 fraud attempts worth a total of 12,748,907 euros during the same period. Compared with the first 11 months of 2024,
the amount of money protected from fraud increased by 11.1%.
Specifically, banks prevented 4,842 telephone scam attempts worth 5,890,764 euros, 11,193 investment fraud attempts amounting to 5,950,766 euros, and 1,012 other fraud cases involving 907,377 euros.
As previously reported, in total 9,025 fraud cases were recorded last year, resulting in losses of 15.5 million euros, while 17,314 fraud attempts worth 12.2 million euros were prevented.
Latvia’s largest bank by assets is Swedbank, followed by SEB Banka, Citadele Bank, and the Latvian branch of Luminor Bank.
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