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Protecting Yourself from Social Media Fraud: Warning from the Bank of Latvia

Published: 28.07.2023.

The Bank of Latvia warns that fraudsters who impersonate well-known people, high-level managers, officials and journalists are active in social media. In the name of these persons, misleading content information is distributed, designed using Latvian media brands, and announcing the possibility of improving the financial situation.

By showing interest in these fake messages, fraudsters may ask you to perform various actions, such as entering your personal data, identifying yourself as a person, thus accessing your bank details, and you may also be invited to cooperate with a fraudster or an unlicensed financial service provider. By engaging in such activities, there is a risk of permanently losing your finances.

In situations where you notice suspicious (fake) news of this nature, the Bank of Latvia calls you take no actionwhich third parties invite you to do, not to provide information and to inform State police and CERT.lv about cyber-incidents, as well as to the extent possible to report to the operators of social media platforms to ensure that these messages are blocked.

In case you are suffered losses or you suspect a scam, we invite you contact the State Police.

Tips to protect yourself from scammers:

Residents who are not professionals in the field of financial services, but want to make investments, are recommended to go to their bank or investment brokerage company that has received a relevant license or operating permit. Such service providers are obliged to inform about the possible risks and provide an offer corresponding to the client’s risk profile. Before making a transaction, familiarize yourself with the information about licensed financial service providers in Latvia on the website of the Bank of Latvia. The Bank of Latvia supervises only licensed market participants. Only at these investment attractors is the client protected by the state. If you receive a suspicious call, e-mail or other information, we invite you to immediately contact your bank and make sure that your data is safe.

In the Attention! section of the website of the Bank of Latvia In addition, you will learn how to recognize unlicensed financial services offers and fraud attempts, how to protect yourself and what to do if you have become a victim of fraud.

2023-07-28 14:38:32
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