Citadele bank warns: social media scammers target both children and adults
Bank Citadele warns that social media has become a major hunting ground for fraudsters, ranging from fake prizes and livestream donation scams aimed at children to fake investment schemes costing adults thousands of euros.
Līga Everte, head of the Fraud Prevention department at bank Citadele, says social media platforms such as TikTok and Instagram have increasingly become spaces where fraudsters try to obtain people's money, personal data, or access to their digital identity. She notes that no age group is immune, as these platforms are used by both young people and seniors, with scammers tailoring their methods to each audience by exploiting urgency, fear of missing out, and trust in authority figures.
Children as targets
Among younger users, common scams still involve offers of game bonuses or contest prizes, often spread by profiles impersonating well-known influencers. Everte explains that livestreams are increasingly used to pressure children into donating money, with promises of a challenge being performed once a donation goal is reached — though in reality the stream is simply cut off. Recovering such losses is difficult since platforms formally allow these payments, so parents are advised to monitor children's online activity, especially when a device has a payment card linked to it. One case in Estonia is cited where a fake TikTok-like app installed malware that collected access data before being used to hijack accounts.
Adults falling for fake investments
Among adults, the most common scheme involves fake investment offers, often tied to cryptocurrency, promising easy and safe returns through fabricated charts and testimonials. Victims typically start with small deposits of around 50 or 100 euros, then are gradually convinced to invest larger sums, with losses sometimes reaching thousands or even hundreds of thousands of euros.
What to do
Warning signs include guaranteed profits, pressure to act quickly, requests for upfront payment or personal data, and invitations to move communication to Telegram or WhatsApp. If fraud is suspected, Citadele advises immediately cutting off contact, informing the bank and police, and warning family members.
