Fighting Fraud: Banks should pay damages
« Last year, about 13,000 people entered the trap of scam, lost more than EUR 17 million. In 2023, about 10,000 Lithuanian residents were affected by scammers, who lost about 13 million euros. Although the Lithuanian public sector authorities signed a memorandum for reducing cooperation in digital space, obligations to financial and credit institutions to keep them interested in protecting their customers from harm, ”Razmislevičius said in a press release.
The parliamentarian reminded that the Memorandum of Cooperation was signed by the Prosecutor General’s Office, the Lithuanian Police, the National Cyber Security Center, the Communications Regulatory Authority of the Republic of Lithuania, the Bank of Lithuania and the Center for Money Laundering Prevention.
« In the last three years, the number of fraud, when fraudulent funds from the accounts of financial institutions have increased by 74 %, it is already difficult to find people who would not suffer from scammers. It is a humiliation of society and the state.
Losses: last year about 13,000 people were trapped into the trap of scam. people, they lost more than $ 17 million. euros. / Photo by Justina Lasauskaitė, Freepik.com
D. Razmislevičius pointed out that in the United Kingdom, according to new rules, local banks must compensate for up to 85 thousand within five days. pounds (about € 98.7 thousand) seeking damage to customers due to fraud.
« The question is why in our country, whose people, including lonely seniors losing their lives, are so disproportionately suffering from the rampage of fraudsters, the question of financial institutions, for damages? Fools twice: once by fraudsters, the next one – banks and society.
It is the humiliation of society and the state, the destruction of vulnerable people.
D. Razmislevičius emphasized that in most cases it is practically impossible to stop the transfer of money through financial institutions because the transaction is in real time.
« Some financial institutions apply differentiated transaction review practices when the transfer is arrested if the new beneficiary is sent. The requirement and other fuses are also implemented. Unfortunately, as we know, deceived people give their own money and even apartments, so Razmislevičius.
The parliamentarian notes that the global money transfer business is dominated by financial technology (Fintech) entities. It is projected that the revenue of FinTech companies in the next five years in Lithuania is expected to reach $ 7.7 billion. euros.
