Last year, 3,685 people in Estonia were caught using criminal means. Over €29 million was stolen from them. Mostly, scam calls and investment fraud were used to obtain money.
The Ministry of Finance wants to amend the law. This would give banks the right to suspend suspicious transactions and notify the police and other banks. Evelyn Liivamägi, Deputy Chancellor of the Ministry of Finance, says: "If a bank sees a suspicious transaction, it can suspend it. Then they talk to the person to find out what is happening."
In the European Union, suspending suspicious payments will become mandatory starting in 2028. Estonia plans to implement its legal amendment already on July 1, which could cause disputes with Brussels. Liivamägi says: "Our analysis shows that we are not violating European rules. If the European Union finds otherwise, we will argue."
Banks consider the legal amendment necessary. Sandra Holm, head of the fraud prevention task force of the Banking Association, says: "We suspend transactions only in cases of suspected fraud to protect people's privacy."
Starting in April, a fraud prevention center will begin work within the police. The center deals with international cooperation. The head of the center, Jaagup Toompuu, says: "We work with all countries where money flows."
Toompuu says that phone scams have grown so large that they surpass drug trafficking in terms of profitability. He adds: "There are definitely more criminal groups than one. The number is growing."