The "best" deals – BTA reveals what to expect from online scammers during the November sales

During the upcoming sales period, including Black Friday, Cyber Monday, and the Christmas shopping marathon, people will be actively purchasing goods from various online stores. People's desire to save money can become a key advantage for scammers, who can illegally obtain large sums of money. AAS BTA Baltic Insurance Company (hereinafter – BTA) Cyber Risk Insurance Product Manager Raivo Ginters reveals that scammers are excellent "psychologists" – by rushing people, promising easy profits and urging them not to miss out on special offers, people often become victims of fraud. Therefore, it is important not only to take care of the security of your devices and critically evaluate every discount and profit offer, but also to look for additional protection solutions against risks on the Internet. 

Haste and fear of missing out on a special offer – the main elements of fraud 

According to data from the Financial Sector Association (FNA), the number of fraud cases in Latvia has increased by almost 70% since 2022, exceeding 9,000 cases, while the amount of funds stolen has increased by approximately 30%, reaching more than €15.5 million in 2024. One of the most common cases involves redirecting people to fake websites or links distributed via email, text messages, or social media, followed by a request to log in with their online banking details. In these cases, the person themselves gives the scammers access to their bank account. 

As Raivo Ginters, Head of Cyber Risk Insurance Products at BTA, explains, scammers use various manipulative techniques, such as offering quick gains, gaining trust by using well-known brands, and creating urgency that requires immediate decision-making. 

"In order to gain trust, scammers often operate on behalf of well-known brands and government institutions, including e-veselība.lv, eParaksts, Latvijas pasts, CSDD, various banks, Booking.com, the State Police, etc. Similarly, fake investment websites are deliberately created, paid advertisements are developed to offer credit institution services, discounts in online stores, "book now" offers for travel, and fake news stories using the names of well-known public figures. There are many types of fraud, and people's habits increase the activity of scammers – for example, active shopping during the fall and winter sales. Currently, scammers success is based on psychological manipulation, such as creating fear of missing out on a special offer, unexpectedly easy profits, etc.," says R. Ginters. 

Quick profits and forged documents – what types of fraud do Latvian residents fall for? 

Observing the rapid growth of digital fraud and the vulnerability of society to these risks, BTA launched the first cyber risk insurance policy for private individuals in Latvia and the Baltics in May this year. In just a few months, several claims have been received, including a case on the social media platform Facebook – a woman who wanted to sell a baby stroller fell prey to scammers and lost her money. Shortly after posting the ad on Facebook Marketplace, a buyer contacted her, intending to purchase the item immediately without viewing it or asking any additional questions. The scammer sent a link to request a courier service. By clicking on the fake link and entering her payment card details, the woman was defrauded of her money. 

"The cases are very different and there are no limits to the imagination of scammers – in another case, a man, believing in the possibility of quick and easy profits, agreed to invest €10,000, ultimately losing the entire amount. Initially, the scammers offered to invest this amount on the man's behalf on the condition that it would be returned later. In order to repay the supposedly invested amount, the man, hoping for quick and profitable returns, borrowed the specific amount from a credit institution and transferred it to the scammers. Another recent case involved a woman who purchased a visa for a trip abroad on an unverified website and, upon receiving the document, realized that it was fake. If these people did not have cyber risk insurance, the losses would have significantly emptied their wallets," says R. Ginters. 

People are increasingly looking for additional security solutions 

Data from the Central Statistical Bureau show that in 2024, approximately 49% of residents aged 16 to 74 were shopping online. Meanwhile, FNA data reveals that in the first eight months of this year, more than €7 million was defrauded from customers of the four largest banks through fake websites and misleading information in payments approved by the customers themselves. At the same time, nearly 12,000 fraud attempts were prevented – if they had been successful, the losses to residents would have exceeded €8 million. Unfortunately, it is almost impossible to completely avoid threats in the digital environment, including various fraud attempts and data phishing – this would require giving up all the digital tools that have become part of our everyday lives. That is why people are increasingly looking for additional security solutions. 

"In addition to strong passwords and regular device software updates, it is critical to evaluate the information you receive – if a discount offer is 'too good to be true', it could be a scam. If the offer involves urgency, the need to make an immediate decision – then it is also most likely a manipulation by scammers. To protect themselves, people are increasingly choosing to insure themselves against cyber risks, as the policy covers not only the purchaser, but also their spouse or cohabiting partner and minor children. Insurance, of course, does not protect against incidents, but it is a kind of security guarantee that reduces the financial and emotional consequences," says Ginters.