October was productive for scammers in Latvia

Take note – story published 1 year and 7 months ago

In October, the amount of funds defrauded from customers of the four largest Latvian banks was registered at EUR 1.4 million, while the amount of potentially defrauded money prevented last month amounts to €500 000, according to data from the Finance Latvia Association on November 21.

The figures show that the amount of money defrauded in October, €1.4 million, is 55% higher than the monthly average.

In the ten months of 2022, the money defrauded in cases where the person themselves confirm a payment amounted to €9.5 million.

Over 10 months, the money in prevented fraud cases amounted to €4.2 million.

Statistics show that the most profitable method of fraud for criminals in Latvia is still investment fraud, which has forced residents to lose a little more than €4 million this year. In cases of telephone fraud, €1.8 million has been stolen, while other types of fraud amounted to slightly more than €3.6 million.

The Finance Latvia Association reminded the public how to recognize a scam and what to do: 

  • check where the e-mail is coming from and whether that corresponds to the official organization e-mail;
  • check the language for mistakes, red exclamation marks, capitals, calls for urgent action;
  • do not share personal information. Remember that bank employees or police officers will never ask for account information, passwords, and card numbers.


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