A new Visa study reveals that bank fraud losses in Estonia have surged to nearly 8 million euros, primarily due to investment and banking scams, with an alarming increase projected for future years.
Visa's Consulting and Analytics division has released a concerning report detailing the rapid rise of payment fraud in Estonia. The study points to sophisticated social engineering scams, including impersonations using artificial intelligence and the acceleration of instant payments, as major contributors to the growing fraud rates. In 2023, Estonians lost about 8 million euros to these scams, with a notable 4.8 million euros attributed to investment fraud and 2.3 million euros from banking fraud, patterns that are expected to continue into 2024.
The types of fraud most commonly reported this year included phishing emails, scam calls, and increasingly skillful Estonian-language social engineering schemes. In the realm of banking fraud alone, victims incurred losses totaling 2.3 million euros. As 2025 approaches, the situation is becoming more alarming, highlighted by a drastic escalation in fraud losses that have already reached 6.1 million euros in the first eight months alone.
This report underscores a clear trend: fraud tactics are continually evolving and becoming more sophisticated, posing significant threats to the financial security of individuals in Estonia. With the increasing prevalence of linguistic and technological manipulation in scams, there is an urgent need for enhanced consumer awareness and protective measures against these emerging threats, especially in a digitally reliant society like Estonia.
