August 11, 2023
Around 40% of businesses in Latvia have fallen victim to financial fraud, with cybercriminals primarily attempting to acquire internet banking credentials and other sensitive data that would enable unauthorized access to accounts. SEB Bank’s survey highlights that 80% of businesses are adept at detecting scams in time and safeguarding their finances.
Though scams targeted at individuals are more prevalent, instances involving businesses often involve larger sums of money. Unfortunate cases exist where businesses have been ensnared in scams and incurred financial losses.
Among businesses subjected to scam attempts, 19% received emails or text messages urging urgent actions within their internet banking accounts and soliciting usernames, passwords, or bank card details.
Phishing attempts, experienced by 16% of respondents, involved scammers impersonating bank or service provider representatives, coercing recipients into sharing internet banking data and validating access and payment requests with tools like Smart-ID or code calculators.
Mārcis Pelcis, Manager of SEB Bank’s Security Office, notes that while businesses confront scam attempts less frequently than individuals, the financial losses they face are typically higher. Financial managers and accountants are generally equipped to detect modern scam tactics, with some businesses even organizing training sessions. Pelcis emphasizes that in cases of suspicious calls, confirming the caller’s identity with the bank is crucial.
Pelcis advises businesses to scrutinize correspondence with partners, verifying email and account information before executing payments. Additionally, businesses should critically assess collaboration offers from potential partners prior to decision-making.
SEB Bank’s study reveals that 7% of fraud victims managed to recover lost funds, while 13% of businesses suffered financial losses due to various scams.
Finance Latvia Association’s data on fraud underscores that over the first half of the year, people in Latvia lost more than EUR 5 million to scams. However, scammers’ unsuccessful attempts prevented them from stealing around EUR 4.3 million (pertaining to four major commercial banks in Latvia).
Source: BNN NEWS
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