RegRally Insights: Consumer Protection Regulation

Welcome to the May 2025 edition of RegRally Insights: Consumer Protection Regulation.

Latvia & Lithuania Launch EU-Funded Plan to Boost Digital Financial Literacy

Latvijas Banka, together with the Central Bank of Lithuania, the Organisation for Economic Co-operation and Development (OECD), and the European Commission, is developing an EU-funded action plan to strengthen digital financial literacy and fraud resilience in Latvia and Lithuania under the Technical Support Instrument.

Key findings from the underlying research:

27% of Latvian adults have experienced financial fraud in the past two years;
Lithuania reports a higher rate at 44%;
most common fraud types: purchase fraud (15%), phishing (8%), investment fraud (6.5%), and unauthorised transactions (5.6%);
37% of victims do not report incidents.

A stakeholder workshop held on 24 April 2026 included public authorities, financial sector representatives, and vulnerable groups to shape the action plan.

Positive development:

Latvia’s digital financial literacy score rose to 58/100, up 10 points since 2023.

The project will conclude in November 2026 with the publication of the final research and the coordinated action plan.

Financial service providers operating in Latvia and Lithuania should monitor the forthcoming action plan, expected in November 2026, as it may inform or precede regulatory measures targeting consumer protection, fraud prevention obligations, and digital literacy requirements. Firms should review their current fraud reporting and customer education frameworks to ensure alignment with emerging regulatory expectations.

Contact the Ecovis team for guidance on compliance positioning ahead of potential follow-on regulatory action in the Baltics.