Expert-Grup

Low Level of Financial Literacy Increases the Number of Financial Fraud Victims

Monday, 1 April 20242848 views
Low Level of Financial Literacy Increases the Number of Financial Fraud Victims

Automatically translated summary. The full article is available in Romanian.

At a press club held as part of the National Financial Education Campaign, run by the National Bank of Moldova and Independent Think Tank “Expert-Grup” with USAID support, officials presented 2023 data on cashless payments in Moldova and warned that weak financial literacy is fuelling payment fraud.

Cashless payments in Moldova have grown by an average of 30% a year. In 2023 the number of domestic cashless payments rose by 36.5% and their value by about 35.6%, to roughly 156.1 million payments worth MDL 47.06 billion. E-commerce platforms, now numbering 1199, accounted for about 18.8 million payments worth over MDL 9.6 billion.

Fraud reached around MDL 28.7 million, against MDL 10.7 million in 2022, yet under 0.01% of all transactions. Social engineering caused 75% of card fraud by value, about MDL 21.6 million, and no card counterfeiting was recorded for the first time. Experts say most fraud stems from low financial literacy. They advise not publishing personal details online, never disclosing PIN or CVV codes, changing the PIN regularly and not keeping it with the card.

View the original article in Romanian