asked questions

About anti-money laundering

How do you avoid scams when donating to Ukraine?

When donating to Ukraine, check whether the organization’s activities and bank are registered in Lithuania. It’s important to ensure that the organization publishes its performance reports publicly.

Before donating, pay attention to the signs that allow you to determine whether the indicated recipient of support is reliable:

  • Carefully check the account numbers in social media posts and on the official website of the support fund – they must match;
  • Ensure the organization requesting donations has registered its activities in Lithuania and check how long it has been operating. Such information can be found on the website of the State Tax Inspectorate HERE;
  • Note in which country the beneficiary’s bank account is located; to avoid currency exchange fees, it is most convenient for customers of financial institutions operating in Lithuania to transfer donations in euros to accounts in financial institutions of eurozone countries; if the organization is established abroad, information about expected support should be posted on the official pages;
  • Find out whether the organization has already provided similar assistance to Ukraine before; pay attention to the way of providing support: for example, if donations are offered only in cryptocurrencies, this should raise suspicion;
    If extremely large amounts are requested, this is one of the signs of fraud;
  • Our country’s laws require that charities and support funds publicly submit an annual report at the end of the financial year, so ensure the organization is doing this.

How do you recognize scammers?

Scammers usually use an element of urgency in their fraud schemes and aim to cause stress. They will always explain that they’re waiting for a transfer, that the offer is valid exclusively for you and only at this hour, that you have to invest immediately because the stock prices are rising rapidly, etc. When you receive a call or a call to action, always stop and think.

When you receive a letter or message, check who the sender is. Check the email address, domain, and website address. The addresses used by scammers will always contain errors, swapped letters, and unclear characters.

What are the types of fraud?

1. Phishing

Fraudsters often send fake emails or SMS messages that look similar to information sent by your bank or other service providers you use. The purpose of this is to extract your online banking login details, confirm transactions made by fraudsters, etc. Carefully evaluate all information received by remote means of communication: review the information about the sender and the general structure of the email. Financial and credit institutions operating in Lithuania never ask you to disclose your bank account login details or make a payment order. If you receive such a request, ignore it.

2. Bank or institution impersonation scam

Scammers posing as representatives of your bank or government try to contact you and force you to share personal, financial, or login information. Never give in to emotion, and never answer questions if you’re not sure who you’re talking to.

3. Investment fraud

Harassing calls, letters, and flashy online ads trying to convince you to fall for an attractive investment offer or an opportunity to buy a fantastic product. If it sounds too good to be true, it probably is.

4. Email interception

Fraudsters are known to hack electronic correspondence between two parties, for example, between a buyer and a seller of a product. Then, at a convenient moment, they inform the payer that the buyer’s bank account has changed. Upon receiving a similar email, first, contact the supplier of the product or service directly.

5. Executive impersonation scam

Financial professionals are often among the favorite targets of fraudsters. Suppose you manage the finances of a large company. In that case, you may receive an unexpected call from the alleged CEO of the company, asking for an immediate invoice payment or money transfer. Ignore the caller’s promises, pressure, or threats, and take your time. Always follow the company’s standard payment procedures. Also, be sure to consult with a competent colleague or supervisor.

6. Romantic deception

This method is often found on online dating sites or social networks. It starts with romantic communication, then requests to share your intimate photos or videos pour in. In the end, blackmail is resorted to, asking for a money transfer.

What are the most common types of fraud?

The most common scam used today is called phishing, where a fraudster tries to swindle money or personal data in emails or SMS messages by pretending to be a private or public financial institution.

What is money laundering?

Money laundering is any attempt to legalise illegally obtained money. These activities are usually carried out by criminals involved in theft and fraud, drug traffickers, smugglers, tax hijackers, etc.

2 trillion EUR

It is estimated that around EUR 2 trillion is laundered by financial fraudsters worldwide every year.