As part of an international project funded by the European Union via the Technical Support Instrument, Latvijas Banka, in cooperation with the Central Bank of Lithuania (Lietuvos Bankas), the Organisation for Economic Co-operation and Development (OECD), and the European Commission, is developing an action plan aimed at strengthening digital financial literacy among the populations of Latvia and Lithuania, as well as their resilience against financial fraud.
Financial fraud has been one of the major challenges in the financial and security sectors for several years. Research conducted within the project suggests that 27% of the Latvian adult population have become victims of financial fraud in the two years before the survey. Out of them, 61% have suffered from one type of fraud, 25% from two, and 14% from three or even more types. In Lithuania, 44% have already become victims of fraud.
Purchase fraud (15%), phishing (8%), investment fraud (6.5%), and unauthorised transactions (5.6%) are the most common types of fraud in Latvia. At the same time, underreporting of fraud remains a significant issue, with 37% of victims failing to report the fraud and the resulting lost funds.
On 24 April 2026, a workshop took place on the premises of Latvijas Banka where the OECD, the State Police, and the Finance Latvia Association presented data on the current situation in relation to financial fraud, the resilience of the population, and its ability to recognise fraud. They also provided a broader analysis of the population's digital literacy, digital financial literacy, and the use of digital financial products, reflecting people's knowledge, attitudes, and skills in managing finances in the digital environment. Despite the challenges, the level of digital financial literacy in Latvia is improving. The average score has reached 58 points out of 100 – 10 points higher than in 2023.
Representatives from the central banks of Latvia and Finland shared about the situation in this area in their countries, highlighting fraud as a significant international challenge. Latvian stakeholders also provided their insights into the work carried out and the results achieved in this area. Representatives of the Easy Language Agency shared their experience to date in conveying complex financial information to the public in a simple and understandable manner.
During the event, representatives from the financial and security sectors, as well as from various at-risk population groups, participated in the development of the action plan, considering targeted initiatives that can offer protection from further fraud incidents.
The project will conclude in November 2026, when the research results, and the action plan will be presented to the public.