Title: Financial Fraud Soars in Finland: Banks Prevent Loss of 33 Million Euros as Digital Scams Target Investment Schemes

Alarming Escalation of Digital Fraud Cases in Finland

In a concerning trend, digital fraud has become the fastest rising category of fraud cases in Finland during 2023, according to a report by Finance Finland (FFI). The total attempted fraud reached nearly €77 million, over doubling the amount reported in the previous year.

Successful Interventions by Banks Prevent Loss of Over €33 Million

Despite these efforts, digital fraudsters have continued to adapt their methods. FFI’s fraud and crime prevention chief, Niko Saxholm, warned that “a new channel is blocked, and criminals already have a new approach in place.” However, banks successfully intervened and prevented a loss of over €33 million for victims.

Investment Scams as a Major Concern

Many victims were ensnared in long-term investment schemes, receiving initial dividends to make the propositions seem legitimate. Following investments, victims often lost access to their funds, sometimes even taking on additional debt to invest further.

“A considerable number of investment scams may go unreported as victims may not inform their banks if the transactions involved cryptocurrencies or other means that don’t involve formal financial channels,” — Niko Saxholm, FFI’s fraud and crime prevention chief

Saxholm estimated that the actual number of investment scams could be at least three times higher than reported.

Advice for Consumers Enc countering Potentially Fraudulent Communications

Concerned consumers are advised to maintain a level-headed approach when encountering potentially fraudulent communications. “When you receive a message that raises even the slightest suspicion, it’s important to take a moment and consider whether it’s worth a hasty response,” suggested Saxholm.

For victims, Saxholm encouraged seeking help from family and authorities without shame.

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