44% of adults have experienced at least one type of financial scam or fraud: solutions to be discussed at an international seminar in Vilnius

Preliminary findings from the project, based on a nationally representative survey of adults in Lithuania, highlight that financial fraud remains a significant and widespread challenge: as many as 44% of adults have been victims of at least one type of financial scam or fraud over the past two years, and more than half of them suffered financial losses. The most common types include purchase scams, investment fraud and phishing. At the same time, more than one-third of victims who lost money did not report the incident, often because they believed reporting would make no difference. These figures reveal not only the scale of the problem, but also a critical gap between experiencing fraud and taking action, limiting the ability of institutions to respond effectively.

The findings challenge stereotypes that fraud mainly affects only certain groups. A large majority of adults recognise that anyone can become a victim, regardless of personal characteristics. Moreover, greater use of digital financial services is associated with a higher likelihood of falling victim to fraud, highlighting the need not only for knowledge, but also for behavioural resilience in an increasingly digital financial environment.

Vaida Markevičienė, Deputy Chair of the Board of Lietuvos bankas, notes: “Financial fraud is shaped by both technology and human behaviour – two sides of the same challenge that require complementary solutions. Data clearly show that anyone can become a victim, which means we must shift from reaction to prevention – strengthening people’s ability to recognise risks and working with other institutions and market participants to develop solutions that stop fraud before it happens.”

Chiara Monticone, Senior Policy Analyst at the OECD, highlights: “We are honored to work on this important project that builds on a strong evidence base, combining quantitative and qualitative research, including a representative survey of adults and in-depth insights from victims’ experiences. This will enable the development of targeted, evidence-based proposals for measures to strengthen consumers’ resilience to fraud and improve financial decision-making.”  

Heinrich Wollny, Head of Unit at the European Commission Task Force for Reforms and Investments (SG REFORM), stressed the importance of this project: "This project funded by the EU is part of a flagship initiative linked to top EU priorities, namely financial literacy, the savings and investments union and the digital transition. The digitalisation of finance brings opportunities and growth. But this requires that people understand the opportunities, a safe use and the avoidance of frauds and scams, so that individuals and households can improve their financial resilience and reduce the risk of over-indebtedness. The European Commission also strongly welcomes the cooperative and mutual learning approach chosen by Latvia and Lithuania to implement together this project and to invite experts from Finland also benefiting from EU support on digital financial literacy."

The project is funded by the European Union via the Technical Support Instrument and implemented by the OECD in cooperation with the European Commission, Lietuvos bankas and Latvijas Banka. As the project moves into its final phase, the work will continue by translating research findings into concrete policy and market actions. Insights generated during the international workshop in Vilnius will form an integral part of the project’s next steps, contributing directly to the development of a practical and evidence-based action plan, with a particular focus on strengthening resilience among the Lithuanian population. A follow-up discussion will also take place in Riga, bringing together stakeholders to address the specific context of Latvia. Ultimately, the initiative aims to equip individuals with the knowledge, skills and behaviours needed to safely navigate an increasingly digital financial landscape and to strengthen long-term financial well-being across Lithuania and Latvia.

Economic and financial education