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The country has seen a rise in fraud, particularly relating to cross-border transactions, phishing emails, scam calls, and other manipulation schemes, according to the Estonian Payment Environment Forum.
The organisation, coordinated by the country’s central bank, Eesti Pank, is the latest to sound the alarm about growing challenges of tackling payments fraud due to the rise in digital payments and online shopping.
The forum underscored the importance of raising consumer awareness and fostering stronger cooperation between banks, payments firms and telecom companies.
Participants called for regulatory reforms to simplify actions such as blocking phishing sites and fraudulent numbers.
“We need to work together more to make the lives of payment fraudsters as uncomfortable and difficult as possible,” said Veiko Tali, deputy governor of Eesti Pank. “We also need to be more proactive in adjusting regulations and using digital opportunities.”
Data from the Bank of Estonia shows that, in 2023, 18,300 card fraud incidents and 5,800 fraudulent payment orders resulted in losses of €2.6m and €10.6m respectively, with many scams exploiting weaker authentication processes in non-EU transactions.
