The Estonian Ministry of Finance has initiated a draft law that will provide banks with clearer and broader rights to prevent payment fraud. This legislative proposal is aimed at enhancing the security of the financial system and mitigating financial losses for individuals and businesses affected by such fraudulent activities. According to Finance Minister Jürgen Ligi, this proposal is part of a larger anti-fraud action plan coordinated by the ministry, emphasizing the serious approach both the government and the private sector are taking toward fraud prevention.

In recent years, Estonia has seen a rise in cases where individuals are deceived into making large transfers, often through text message or phone scams. These incidents highlight the need for more robust measures to identify and prevent fraud at an early stage. Agents often only discover the fraudulent nature of such transactions after funds have been irreversibly transferred, leaving victims with little recourse. The proposed law enables banks to temporarily halt transactions when there is a justified suspicion of fraud, allowing them to verify the circumstances surrounding the payment before proceeding.