Estonia's Finantsinspektsioon reported that it published 863 website alerts last year warning about companies operating without a licence in Estonia and elsewhere in the European Union, aimed at helping consumers protect themselves against fraud. Most alerts were first published by authorities in other countries, while Finantsinspektsioon issued six alerts itself. Two warnings related to credit being issued without a licence and two to unlicensed crowdfunding services. The remaining two concerned websites providing misleading information, including a foreign bank incorrectly claiming its deposits were guaranteed by the Estonian Guarantee Fund and another site falsely stating it held a licence from Finantsinspektsioon.
Finantsinspektsioon 2025-03-25
Estonia's Finantsinspektsioon issues 863 alerts on unlicensed financial firms and misleading claims
Estonia's Finantsinspektsioon issued 863 alerts last year regarding companies operating without a licence in Estonia and the EU, aiming to protect consumers from fraud. Six alerts were directly issued by Finantsinspektsioon, addressing unlicensed credit issuance, crowdfunding services, and misleading information about deposit guarantees and licensing. Most alerts originated from other countries' authorities.