FIU Latvia gives insight into fraud and associated money laundering topic

The attempts by cyberattackers targeting e-mail accounts in 2022 are increasing. The losses caused to Latvian individuals by telephone fraudsters posing as financial brokers, employees of banks and other institutions continue to increase dramatically. In 10 months of 2022 alone, the amount of defrauded funds in the four largest banks of Latvia reached 9,5m EUR.

In recent years the amount of suspicious transaction reports with suspicion of fraud has increased. In 2020 FIU Latvia received 495 reports, in 2021 – 757 and at the end of 2022 – 716. There were 2283 registered criminal offenses of different types of fraud in 2021 which is twice the amount in 2020 (1062 registered criminal offenses). Fraudsters are finding new ways to carry out fraudulent activities using the opportunities provided by the digital environment. Therefore the focus of the Fintech Breakfast event was discussion on how companies can protect customers using modern technology solutions and what is the role of special tools which financial service providers use to decrease customer fraud risks.

The event was organised by Fintech Latvia Association.