Poland records vver 2,600 loan fraud attempts worth PLN 80 million in Q4 2024

In the fourth quarter of 2024, there were 2,661 attempts to fraudulently obtain loans using stolen identities, amounting to a total of PLN 80 million, according to the Polish Bank Association (ZBP) in its latest InfoDOK report. For the entire year, the number of attempted loan frauds reached 12,331, with a combined value of PLN 324.2 million, marking a 26% year-on-year increase and the highest annual total recorded since 2008.

The fourth-quarter figures reveal that while the total attempted value of PLN 80 million is close to the 14-year average of PLN 89.9 million, the number of fraud attempts remains significantly high at 2,661. The average thwarted loan fraud during this period amounted to PLN 18,400, with the annual average standing at PLN 19,200.

According to ZBP, fraud attempts were most frequently reported in the Lower Silesian, Silesian, and Mazovian voivodships. Among these, eight cases in Q4 2024 involved attempted frauds of over PLN 1 million, accounting for 14% of the total value of attempted loan extortions during this period.

“The sustained high number of fraud attempts indicates the increasing sophistication and prevalence of financial crime. However, it also underscores the effectiveness of systems in place to identify and prevent such activities,” ZBP stated.

In addition to thwarting fraudulent attempts, nearly 29,960 documents were flagged as stolen or lost in Q4 2024, adding to a total of 150,700 for the entire year. Since its inception, the document registration system operated by the ZBP has reached 2.63 million flagged documents. This nationwide database is a critical tool in preventing identity-based fraud.

The InfoDOK report highlights the importance of robust safeguards and vigilance in combating financial fraud. By leveraging tools such as the nationwide document registry, Polish banks and financial institutions are making strides in protecting individuals and the economy from significant losses due to identity theft and fraud.

Source: ZBP and ISBnews