The latest Payment Fraud Report from Eesti Pank reveals that businesses lost over 10 million euros last year to scammers. This was three times more than they lost in the previous year. Fraudsters are increasingly targeting small businesses and attempting to steal as much as possible in one-off incidents. Multi-stage telephone frauds and business email compromise have become more widespread and use skilful manipulation of the victim.

The total amount lost to payment fraud in Estonia in 2025 was 25.3 million euros, which was 87.4% more than in 2024, while the total number of incidents of fraud increased by around 14% to 34,900. There were 20 victims of card fraud per thousand residents of Estonia last year, and five people per thousand residents fell victim to credit transfer frauds, which were mainly initiated in online banks or mobile apps. The most common frauds last year were card frauds, but it was credit transfer frauds that caused the largest losses. Although only 15% of the credit transfer frauds involved businesses, they accounted for 54% of the total losses suffered to them. Private individuals were involved in 85% of credit transfer frauds and suffered 46% of the losses.

There was once again a large jump in frauds with cash withdrawal in 2025

The losses caused by ATM fraud where cash is withdrawn with a bank card more than tripled in 2025 and exceeded those suffered in e-commerce fraud. Although this type of fraud accounts for the largest losses of all types of card fraud, the number of incidents of it is a fifth of the number of internet-based frauds. Cash withdrawal frauds generally use lost or stolen cards, or manipulate the payer into withdrawing cash. The victim is typically instructed to leave their bank card together with the PIN code in a parcel locker, or to hand cash over to a courier who comes to their home to collect it.

Businesses are losing increasing amounts to fraud

The losses suffered to fraud by businesses increased to ten million euros in 2025 from three million euros a year earlier. This amount accounted for 54% of the total losses to credit transfer fraud. Fraudsters are increasingly targeting small businesses and people working for them such as accountants, and attempting to steal as much as possible in a single incident. The main scams that they use are multi-stage telephone fraud and business email compromise or invoice fraud. Head of fraud prevention at the Estonian Banking Association Sandra Horma explained that the aim of the fraudsters was to gain control of the bank accounts of the victim by claiming to be a police officer or a civil servant, or to work for an international organisation or a bank. “They can talk to the victims for several hours or even days by telephone or through social media platforms such as WhatsApp, and gain their trust and persuade them to take part in the fraud”, she said. The victim is often given the impression that they are helping with a secret operation, and that is why they are not allowed to tell anybody about what is happening. Board members of apartment associations who have access to the money on the association’s account as well as to that on their own personal accounts also need to be particularly wary of such scams.

The average loss and liability

The average loss to card fraud in 2025 was 195 euros. The average loss suffered by private individuals to credit transfer fraud was 1570 euros, while the average loss to businesses was 9270 euros. The victims themselves have to bear the loss in most cases if they have confirmed the payment under pressure from the scammer or shared their data. Victims bore 96% of the losses from credit transfer fraud last year, and 84% of the losses from card fraud. The money stolen through such transfers most frequently went to another account in Estonia, or to an account in Lithuania or Germany. The amounts lost to card fraud were most commonly sent to Estonia, the USA and Ireland.

The main emphasis in scams is on manipulating people

The biggest risks with card fraud arise when the fraudsters manipulate people into withdrawing cash, or when they use stolen card data. Credit transfer frauds persuade people to make a transfer to the account of the scammers, or trick them into revealing their PIN codes. This means that in most cases the victims themselves confirm the transaction, or it is done by a fraudster who has gained access to the account.

Jaagup Toompuu, head of the fraud resolution and prevention unit of the Police and Border Guard Board said that such frauds do not start with a phone call asking for cash, as the scammers instead build trust with the victim step-by-step to the stage where they are ready to follow the instructions given to them. “People are led to believe that their account is in danger and that to avoid losing money they must work in secret with the police and their bank. At the point when the fraudster asks them to transfer their money to a strange account, confirm their PIN codes, or hand cash to a courier, the victim no longer considers those instructions to be suspicious and believes they are working to protect their money”.

He warned that anyone can be the victim of a scam and that people who have been in contact with a scammer for a long time tend to trust the criminal rather than a real policeman or bank employee who has actually come to help them. “The fraudsters get to know the victim during their conversations with them, ask them about their life and their worries, and adjust their stories to suit the information they gain. Their aim is to make the victim believe they are talking to somebody who understands them and really wants to help them. They try at the same time to isolate the victim so that they would not call for help or check the story that the fraudster is telling them”.

Eesti Pank publishes a report on payment fraud once a year. The 2025 report has been written jointly with the Estonian Banking Association, the Police and Border Guard Board, and the Ministry of Finance.

The Fraud Report for the year 2025 can be found on the Eesti Pank website.

See also the advice on how to avoid falling victim to fraud.