In January, Latvian financial institutions successfully thwarted many more fraud attempts than were carried out, protecting over a million euros from potential losses.
Data from the Financial and Capital Market Commission (FNA) indicate a significant rise in attempted fraud cases in Latvia, particularly through telephone scams, which targeted 273 individuals and resulted in a loss of €631,857. However, the financial institutions managed to prevent a substantial portion of these crimes, safeguarding over €1 million. In addition to telephonic fraud, investment scams maintained a high activity level with 240 cases reported and €291,200 defrauded, while attempts were thwarted, saving more than €650,000.
In January, fraud cases employing various methods resulted in substantial losses, with nearly 50 incidents leading to over €757,000 in scams. These incidents include so-called "secret operations" where victims are persuaded that they are assisting law enforcement agencies, prompting them to take out loans or sell assets, ultimately handing over the gained money to the fraudsters. The broad occurrence and diversity of these scams point to a growing challenge for authorities in addressing and mitigating financial fraud in Latvia.
As the time for submitting annual income declarations approaches, the FNA urges citizens to remain particularly vigilant about potential scams during this period. The heightened risk associated with financial declarations typically attracts fraudulent schemes, making public awareness and caution essential to protect personal finances. The situation highlights the importance of ongoing preventive measures and public education to combat financial deception effectively.
