Latest analysis reveals: millions protected, but losses remain massive

Fraud reached record highs in 2024, with fraudsters attempting to extract 35 million euros, and more than 20 million euros being transferred to them. The number of fraud cases especially surged in the last quarter of the year. 

From 2022 to 2024, the growth in recorded fraud cases was particularly intense, both in terms of the amount of money defrauded and the total number of reported incidents. In 2022, 7,881 fraud cases were recorded, in 2023 this figure rose to 10,487, and in 2024 an even faster increase was recorded – as many as 13,691 cases. This rapid rise in fraud cases is directly related to the dynamics of financial transfers: 11.8 million euros were transferred in 2022, 12.3 million euros in 2023, and as much as 20 million euros in 2024. 

“Evaluating the key data of 2024, we see several clear trends. Fraudsters’ appetite remains hard to control: the number of fraud cases increased to 13,000, and actual losses exceeded 17 million euros. The data show that in 2024 financial institutions managed to protect and stop nearly twice the amount of money transferred to fraudsters – as much as 15 million euros – compared to 2023, when 7.9 million euros were stopped. Nevertheless, fraud attacks are extremely dangerous, highlighting the growing need and importance of improving fraud prevention, strengthening institutional cooperation, and continuously raising public awareness,” said Eglė Lukošienė, Head of the Center of Excellence in Anti-Money Laundering. 

Most cases – phone scams, highest losses – investment fraud 

Looking at the fraud schemes that dominated in 2024, it was observed that the greatest losses to residents were caused by investment and phone fraud – the losses caused by them reached nearly 10 million euros, comprising almost half of the total amount transferred by residents to fraudsters. 

Phone fraud remained a significant threat in 2024. The scale of this fraud grew both in terms of the number of incidents and the financial losses incurred. Over the year, 4.17 million euros were extracted from residents, compared to around 3 million euros in 2023 – an increase of nearly 40%. Fraudsters increasingly used various psychological manipulation tactics, posing as bank or law enforcement officials and convincing victims to transfer large sums. 

Investment fraud remained one of the most damaging forms of fraud in 2024, with the total amount lost to fraudsters reaching 5.57 million euros – almost 800,000 euros more than in 2023. This trend shows that investment fraudsters successfully manipulated victims by offering attractive but fictitious investment opportunities. This means that people still fall for “too good to be true” offers, so it is important to increase the public’s financial literacy. 

It is also observed that the total number of such fraud incidents increased by 21.7% – from 1,600 cases in 2023 to 1,947 cases in 2024. Last year, the average amount defrauded in a single incident was 2,860 euros, which is 4.7% less than in 2023, when the average was about 3,000 euros. This data indicates that fraudsters targeted a broader pool of victims, but extracted slightly smaller amounts from each victim compared to previous years. 

The biggest losses were suffered in the fourth quarter 

Annual statistical data confirm that the last quarter of the year remains the most profitable period for fraudsters. In the fourth quarter of 2024, a 26.3% increase in fraud volume was recorded, with residents and companies losing 4.66 million euros during this period. 

In 2024, phishing scams made up a significant portion of all fraud cases – a total of 4,148 incidents were recorded. Compared to 2023, losses increased from 1.6 million euros to 3.42 million euros. This is a clear signal that not only the security measures of financial institutions but also public awareness of this type of fraud must be strengthened. 

“Fraudsters’ methods are becoming increasingly sophisticated. While there was a drop in phishing incidents mid-year, they surged in the last quarter to record highs. This shows that fraudsters are not only trying to achieve mass effects but are also capable of manipulating people’s trust by applying social engineering principles. Fraudsters are becoming harder to detect – while in the past they were revealed by grammar mistakes or foreign phone numbers, these signs are now much rarer. Although creating fake emails or websites has become standard practice, it is increasingly observed that fraudsters use personalized attacks tailored to each potential victim,” emphasizes the Head of the Center. 

According to her, every person must understand that online security begins with caution and the ability to recognize threats. Only in this way can fraudsters be prevented from profiting. 

The Center draws attention to the fact that state institutions, financial institutions, and the police never ask residents to provide online banking login details, send card PIN codes, or similar information. 

If you have the slightest suspicion, you can report suspicious links, emails, or SMS messages to the National Cyber Security Center via email at cert@nksc.lt , contact the police by dialing 112, or report the information to the “Virtual Patrol” on Facebook, or via email at virtualus.patrulis@policija.lt. 

If you suspect that you are dealing with or have been victimized by fraudsters, contact your bank as soon as possible to initiate security measures. Also report the incident to the police by calling the short number 112.