Eesti Pank will hold a public seminar on 5 March on how to stop the pandemic of payment frauds, which will discuss in depth the increasing problem of frauds and scams involving payments. The police, banks, communications providers and other partners will join the discussion to consider why frauds and scams still succeed despite the ever-improving defences against them, and what changes are needed in the legal environment, technology and cooperation to reduce the losses from them.

Statistics from Eesti Pank and the police show that payment scams have reached pandemic proportions in Estonia, even as the banks and communication service providers are constantly developing their security solutions. This shows how quickly the scammers adapt and take advantage of technical opportunities and weaknesses and the credulity of people. One aim of the seminar is to improve awareness and discuss how to recognise payment scams, and another is to identify what the state and private sector are already doing to limit the spread of scams. It will also discuss the solutions that can and must be applied.

The opening address will be given by Jaagup Toompuu, head of the fraud resolution and prevention unit of the Police and Border Guard Board. He will discuss the tricks that scammers use to persuade their victims, and what the actual monetary harm caused by apparently innocent activities is. The discussion between experts after the presentations will use their knowledge and experience to create an overall picture that can explain how to recognise frauds, the technical and psychological tricks that can be used to mislead people, and the technological weaknesses that the criminals take advantage of. It will also consider how secure Estonian digital solutions are, whether the current legal framework supports the fight against fraud, and how losses are actually shared between payment service providers and clients in different countries of Europe. Participating in the discussion will be Sandra Horma of LHV Pank, Rainer Olt of Eesti Pank, Rain Ottis from Tallinn University of Technology, Heidi Reinson from the University of Tartu, and Jaagup Toompuu from the Police and Border Guard Board.

The second discussion in the seminar will focus on solutions. It will compare how frauds are prevented in Estonia and in Europe, and look from the position of the service providers at what the state can do and is planning to do to stop scammers. It will also discuss cases where the clients affected by the scams have themselves confirmed the transactions, or where their digital identity has been criminally misused. It will further ask how people can be sure before they finally confirm a transaction that the person they are dealing with digitally is actually who they say they are, and what kind of cooperation would allow the parties to exchange information quickly in order to stop a scam. Participating in the discussion will be Evelin Neerot of Telia, Kalev Pihl of SK ID Solutions, Taavi Ploompuu of the Information System Authority (RIA), Siiri Tõniste of the Ministry of Finance, and Raul Vahtra of Swedbank.

The seminar will be opened and summarised by Deputy Governor of Eesti Pank Andrus Alber, and the host for the seminar will be the journalist Mihkel Kärmas.

Further information:
Hanna Jürgenson
Communications Officer of Eesti Pank
5692 0930
Email: [email protected]
Press enquiries: [email protected]