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Luminor survey: 20 pct of people in Estonia feel underinformed about fraud schemes

A study commissioned by Luminor reveals that 80 percent of Estonians believe they are very well or sufficiently informed about various fraud schemes.

This implies that one in five people do not consider their knowledge adequate, which is a clear sign of danger considering the widespread occurrence of frauds, according to Luminor. Younger individuals and those with higher incomes rate their awareness higher. Self-assessed awareness of fraud schemes is highest in Tartu and Harju counties, with 85 percent, and lowest in Hiiu and Polva counties, at 56 percent and 57 percent respectively.

“Although people rate their awareness quite highly, real life unfortunately continuously provides sad examples of individuals falling victim to various fraud schemes, even those who think it will never happen to them. Therefore, it’s crucial to keep discussing frauds and stay updated with developments,” Luminor’s fraud prevention specialist Veiko Kiik said.

People who have fallen victim to fraud can confirm that the consequences are not pleasant. The study reveals that the most common consequences of falling victim to fraud are reputational damage and time loss, followed by mental difficulties and financial losses.

Kiik emphasized the mental aspect as an important nuance that has not previously received much attention in discussions about financial fraud.

“Ten percent of people who have personally come into contact with a fraud scheme in the past year acknowledge that mental difficulties are a significant consequence. The mental health dimension adds a new layer to the issue of fraud that needs to be considered,” he said.

According to the study, 57 percent of Estonians have received fraudulent calls in the past year, and 44 percent of respondents have personal experience with SMS fraud. The most common fraud schemes in Estonia include phishing, investment frauds, and online sales scams.

The study was commissioned by Luminor and conducted by pollster Norstat in Estonia, Latvia, and Lithuania in August and September of this year. 1,000 individuals aged 18-74 were surveyed in each Baltic country.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)


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