Financial fraudsters remain active: in the first quarter of the year, actual losses reached €4 million

The analysis of fraud cases for Q1 2025, prepared by the Center of Excellence in Anti-Money Laundering (hereinafter – the Center), shows that the main trends in financial fraud remain unchanged. Between January and March, fraudsters attempted to extract €9.5 million, but they did not succeed in reaching these goals. Financial institutions stopped more than half of the suspicious payments, valued at €5.2 million, and also returned €290,000. The total prevented amount reached €5.5 million. 

The majority of cases involved sending fake SMS messages and emails (phishing) – nearly half of all fraud incidents. Meanwhile, the most dangerous form of fraud for residents remained phone fraud, which had the highest average damage per case – about €6,500. 

In the first quarter of this year, based on data submitted to the Center by 12 financial institutions, nearly 3,500 fraud cases were recorded. Losses incurred by residents and companies totaled €4 million – accounting for 21.5% of the total amount transferred to fraudsters throughout 2024. 

“Phone and investment fraud cases cause significant financial losses to residents every year – often reaching thousands of euros, and in some cases, the damage can be even greater. We encourage residents to remain vigilant, not to give in to pressure during unexpected calls, and not to be deceived by tempting investment offers. Fraudsters often pose as official institutions or well-known companies, send convincing messages, create a sense of urgency, and lure victims with investment opportunities. Therefore, it is important not to rush, not to disclose personal information or login details, to critically assess unexpected offers, and to report suspicious cases immediately to the relevant authorities,” emphasizes Center Director Eglė Lukošienė. 

In terms of fraud types, phishing – sending fake SMS and emails – accounted for half of all recorded cases, with over 1,500 incidents. Residents were heavily targeted with fake messages aimed at stealing their personal data and money. More than €550,000 was stolen, with an average loss per case of €346. 

Although most fraud cases recorded from January to March were related to fake SMS messages or emails, the greatest financial damage was caused by phone fraud. This is the most dangerous form of fraud, as fraudsters directly manipulate victims by using psychological pressure and creating a sense of urgency. 

The most dangerous fraud methods for residents remain the same – phone, investment, and advance payment fraud

Phone fraud remained one of the most dangerous types of fraud, although it accounted for only 5% of all recorded cases. During this period, 171 cases were recorded, with total losses amounting to about €1.1 million, and the average loss per case reaching €6,500. This is the highest average loss per case among all fraud types. 

Investment fraud remained one of the most dangerous fraud methods. Between January and March, 353 such cases were recorded, with total losses amounting to about €1 million. The average loss per case was around €3,000. Fraudsters typically lure victims with promises of high profits, using investment platforms or financial intermediaries as cover. As a result of such fraud, residents lose large sums of money, which is why it is essential to critically assess all investment offers. 

Advance payments are one of the most frequently detected types of fraud. In Q1 2025, 557 cases were recorded, accounting for about 17% of all incidents. The total amount stolen reached around €270,000, and the average loss per case was €490. Although the losses incurred are not particularly large, fraud activity is intense. These cases are most often recorded on classified ad or social media platforms, where victims are asked to pay in advance for supposed goods or services. 

Fraudsters also profit from legal entities: fewer cases, but enormous damage 

Center Director E. Lukošienė notes that although fraud cases among legal entities are recorded much less frequently than among residents, the financial damage to companies is often significantly higher. Legal entities are most commonly targeted through email takeover and “fake company executive” schemes. Between January and March, 15 such cases were recorded, with Lithuanian companies losing about a quarter of a million euros. 

“Fraud methods in companies have not changed either. These include email takeover, where an organization’s correspondence is hijacked, ultimately leading to company funds being transferred to fraudsters’ accounts. Although these schemes are well known, the financial losses incurred by companies remain high,” emphasized E. Lukošienė. 

The Center emphasizes that at the slightest suspicion, suspicious links, emails, or SMS messages can be reported to the National Cyber Security Center via email at cert@nksc.lt, the police via the short number 112, or to the “Virtual Patrol” on Facebook, as well as via email at virtualus.patrulis@policija.lt. 

If you suspect that you are dealing with or have fallen victim to fraudsters, contact your bank as soon as possible so that security measures can be taken. Also report the incident to the police by calling the short number 112.