
The past year can be considered for financial fraudsters unsuccessful, as the amounts of losses in the year decreased. Despite this, the fraudsters have succeeded in defrauding people and businesses in Estonia of about nine millions of euros, although
they are constantly developing new ways to defraud
victims. Photo: Arvo Meeks
The past year could be considered a bad year for financial fraudsters because the amounts of losses in the current year decreased. Despite this, the scammers have succeeded in defrauding people and businesses in
Estonia of about nine millions of euros, with they continually develop new ways to defraud victims.
“In Estonia Estonia is working well to inform about the different types of fraud. “We can say that increased awareness has been beneficial, and in total in the year the number of financial fraud and the amounts of damage has reduced. – noted the head of the department of the Citadele Bank Viktor Tkachenko.4 million euros, then in last year this amounted to about
8.8 million euros.
Head of the department of the department of the Citadele Bank Citadele Money LaunderingVictor Tkachenko Photo: Citadele Group
According to PPA data, the biggest damage is still caused by investment frauds. In last year and the before the year there were 305 registered. But while in 2023 the damage exceeded 5 million euros, last year it decreased to 4.8 million.
Investment frauds include incidents where people are offered beneficial investments, encouraged to take loans for investment, open new bank accounts or transfer money to fake investment platforms.
According to Tkachenko, investment fraud is one of the most common forms of deception: “In the hope of enrichment victims transfer large amounts, but in the actually they only contribute to the fraud, lose money and may remain indebted to banks.”
The amount frauded with the help of bank frauds has decreased from 2.9 million to 2.3 million euros. The number of like cases reported compared with the year before last also decreased from 524 to 387. In such frauds, criminals most often pretend to be bank employees to gain access to bank accounts and PINs.
Last year also reduced the amounts frauded with BEC schemes (frauds with fake accounts in the name of companies): from 1.1 million euros to 980 000 euros.
But the damage from fraud with parcels doubled: from 320 000 euros to 647 000 euros. These are cases when a willing to purchase goods person receives a false link from a “courier”, where the person enters his banking data, or also with a message to the victim. request information as if to receive a package. Subsequently the data is used to withdraw money from the account or obtain loans in the victim’s name.
According to Tkachenko, in the next years the fraudsters will be using artificial intelligence more often: “They can create very realistic videos, audio recordings and images, pretending to pretend to be famous or relatives. Recently the media discussed the case when with the help of artificial intelligence were created images and videos of Brad Pitt appearing in the hospital, and this is how the victim was scammed out of 800 thousand dollars. The use of artificial intelligence makes fraud harder to detect. It is likely that in response to these new trends technologies will be developed, but with a delay.”
“Financial fraudsters definitely will not stop and will invent ever new schemes, taking advantage of the trustfulness and inattention of people. Citadele Bank will continue working to inform customers and protect them from fraud. Always remember yourself and remind your loved ones, for example, grandmothers and grandfathers, that it is not to click on suspicious links. Bank employees and other officials never ask for PINs from your bank accounts. But, perhaps the most important thing is if someone hurries you, it should immediately call suspicion. Fraudsters often count on thatthepersoninhastewilllosevigilanceorwillnothavetimetodiscusstheiractionswithclose ones”,Tkachenko emphasized.
Andshe said.