Social engineering scams steal millions from Latvian residents
In the first four months of this year, Latvian bank clients lost €5.7 million by authorizing payments themselves. Scammers use phone calls, social media, and artificial intelligence.
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Despite repeated warnings, Latvian residents continue to voluntarily transfer millions of euros to fraudsters. Data from banks within the Financial Industry Association show that in the first four months of this year, clients lost €5.7 million by authorizing payments themselves. That amounts to roughly three euros per Latvian resident, including infants.
Fraud prevention experts note that these are no longer isolated incidents but well-organized and structured schemes. Scammers employ phone calls, messages, social networks, and even artificial intelligence to create convincing communication and persuade people to voluntarily transfer money.
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