Financial fraud is an industry, and it will become more and more sophisticated and complex, Uldis Cērps, Chairman of the Board of the Financial Industry Association, told LETA in an interview.
He also pointed out that cyber-attacks are also an area that will only become more important in the future.
Cērps noted that both banks and the Financial Industry Association are very active in educating people about the risks associated with different types of fraud, but that fraud levels are still high and growing.
On average, almost one million euros have been defrauded from the Latvian population by phone this year
and there are just over 400 such scams a month, while investment scams average around half a million euros a month and there are around 260 such scams a month, Cērps said, adding that in this case, everyone should also think about their responsibility to protect their assets and not rely on people who promise something unrealistic.
“Financial fraud is here to stay. It will only become more sophisticated and professional, because we are not dealing with a few individuals. There are highly organised and professional teams of fraudsters working in this area. This is not individual crime, this is an industry,” emphasised Cērps.
He also pointed out that this is an area where banks need to work very closely with law enforcement agencies, with mobile operators and constant public education is also needed.
At the same time, Cērps noted that banks are currently particularly effective in preventing investment fraud. “Banks have contributed a lot to stop fraud to the best of their ability, but here they need to work in good cooperation with other institutions and other service providers,” he said.