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According to data from the Lithuanian Banking Association (LBA), in 2020 the damage caused by electronic scams to the population of Lithuania exceeded 4.5 million. EUR. Most of the damage has come from intercepting email correspondence and causing people to fall for the traps of investment fraud.
In total, LBA members recorded a total of 1,336 cases of wire fraud last year. So, how do banks protect the money of the population entrusted to them from theft?
Safer with stockings?
At the end of June, the tv3.lt news portal shared a story when a girl was tricked by scammers after receiving a message on the phone from an official Swedbank number.
He told me that he had received bank messages about various changes, special offers, etc. of the same number several times before.
So, he did not think of anything bad and by the last message, which was used to betray 2 thousand. euros.
However, the bank assured that it could not help the client in this case, so after the bitter experience, the girl had serious questions: wouldn’t it have been safer to keep her savings in a sock?
Insurance is available, but only in bankruptcy.
Agnė Mažeikytė, a representative of Luminor Bank, says that all deposits held in the bank are insured in the Estonian guarantee fund Tagatisfond, they are subject to 100 thousand. protection limit in euros per person.
This means that in the event of an insured event, the maximum amount of the insurance benefit per depositor would be 100,000. euros ”, explains A. Mažeikytė.
It is true that the objective of this insurance is to guarantee the safety of the population’s funds if the credit institution that owns the funds cannot meet its financial obligations to the depositor. In this case, the depositor receives an insurance benefit of up to 100,000. It would be borne by the company with which the deposits were insured.
However, the bank does not provide services such as theft insurance.
“Financial and credit institutions are constantly investing in technologies and processes that meet the highest security standards and prevent money laundering and terrorist financing.
Most of the cases in which the population loses funds occur after they themselves confirm the payment orders, reveal the connection to the Internet bank and the details of the payment card to financial scammers. The bank cannot fully protect the customer from such cases, so we advise residents to be vigilant and aware, ”says A. Mažeikytė.
Advises to save
It is also supported by Gediminas Milieška, SEB’s Baltic Savings and Investments Manager.
“As for recently very active scammers, it is necessary to remember that the bank never requests the disclosure of login details, passwords, PIN codes or other confidential information. The bank does not compensate for losses incurred if it gets caught in the traps of scammers and transfer money.
Such events are not considered insurance events under the terms and conditions of deposit insurance, ”says G. Milieška.
The specialist adds that it is very important to have money in case of contingencies.
“Younger people are advised to have a supply equal to 1 to 3 months of income, and families and older people have enough savings to live for at least six months if they lose their income. Anything saved must be used , to invest, because the money that is kept in an account or a drawer depreciates over time ”, advises G. Milieška.
The risk of fraud and theft is managed by the client himself.
At the time, Gytis Vercinskas, Swedbank’s director of retail banking communications, just remembers that the payer has every opportunity to manage the risk of theft and fraud on their own.
This should be done in accordance with customary standards of prudent and diligent behavior and the safe use of email that we provide. service recommendations.
“Deposit insurance services are provided by the Deposit and Investment Insurance (IIDF). We inform our clients annually about the deposit insurance that applies to them, but the insured event is the bankruptcy of the bank and not the theft of funds.
As far as we know, no one insures against such a risk, which depends exclusively on the fault of the payer, which manifests itself in gross negligence, ”says G. Verčinskas.
Fraud must be reported to the bank
Monika Rožytė, communication specialist at Šiaulių bankas, also presented the aforementioned deposit insurance conditions: they are the same in all banks in the country. Therefore, M. Rožytė can only advise on how to recognize a case of fraud and act on noticing it.
“If a customer notices suspicious transactions on an account, he should immediately notify the bank so that it can block the accounts as soon as possible and prevent the illegal disposal of the customer’s funds at the financial institution,” explains M. Rožytė.
It adds that the security of the means of identification must also be guaranteed and that, in the event of a threat that the means of identification may become known to third parties or be lost, misplaced, taken over by third parties or otherwise, the client will not be able to manage the means of identification and approval measures, undertakes to inform the bank without delay.
“Losses that occur before the scheduled time of notification to the bank about the blocking of the means of identity verification will be borne by the customer. Losses that have occurred after the scheduled time of notification to the bank about the blocking of the means of identification, will be borne by the bank, except when the losses have been caused by intent or gross negligence of the client or his representative ”, adds M .Rožytė.
And if third parties have had access and, or have used the means of identification provided to the client for the crime committed, the client must notify the relevant police authorities.
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