Still, it is possible to avoid at least some of these losses, and a new mobile app called “Verito” can help with that.
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The most popular fraud scheme remains so-called phishing – fake messages and emails, accounting for a third of all attempts. However, experts warn about another, no less dangerous trend: data theft aimed at identity theft. If fraudsters obtain enough personal data, they can not only empty an account but also take on new financial obligations in another person’s name. Such changes in credit history are often noticed too late – only when bailiffs knock or the bank refuses to grant a loan.
“Credit history today is like a person’s financial passport – it can determine the ability to borrow, enter into a leasing agreement, or make other important financial decisions. Therefore, it is worth monitoring not only when planning to take a loan. Financial hygiene also means the ability to timely notice that something is wrong with your data,” says investor and financial technology expert Jekaterina Govina, who worked for many years at the Bank of Lithuania, where she was responsible for financial sector supervision.
In such cases, not only the protection applied by financial institutions becomes important, but also the resident’s own ability to timely notice suspicious actions.
“It is important to understand that the bank can stop a suspicious transaction, but if the person themselves confirms the payment or discloses data, the funds are often lost irreversibly,” says Renatas Špicas, head of the “Verito” app, which allows detecting and preventing such fraud cases.
According to him, fraud cases increased by 12.8% in 2025, so bank protection alone is no longer enough – more and more responsibility falls on the individual.
How to protect your identity?
R. Špicas notes that one of the common schemes is characterized by particular skill, where the fraudster deceitfully convinces a person to sign electronically several times: the first signature usually confirms a loan application, the second – the contract itself, and the last ones are used to transfer funds to the criminals’ accounts.
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Although no tool can protect against all possible fraud methods, the “Verito” mobile app offers a specific solution to one of the most painful problems – unauthorized borrowing in another person’s name. The app allows residents to activate a “no borrowing mode” for free at the main credit bureaus, thus creating an effective barrier that prevents third parties from using someone else’s data to take new loans or leasing agreements.
To ensure maximum security, the app informs the person in real time about any inquiries at credit bureaus, so the person can instantly react to suspicious actions even before a real debt appears. This is especially relevant considering that only 22% of Lithuanian households have saved at least a three-month financial reserve, so any unexpected obligation can become an unbearable burden,” notes the head of “Verito.”
Financial hygiene on the phone
The “Verito” concept is based on modern financial hygiene, which in Lithuania is still too often neglected. The app not only allows monitoring the credit rating and understanding which factors directly affect it but also provides a comprehensive, combined view from different sources, including registers of legal entities, bailiffs, and court databases.
People are given the opportunity to instantly see information about arising debts, bankruptcy cases, or even new business connections that may affect their financial reputation. The app also integrates clear explanations of financial terms, helping to develop everyday literacy.
“Today, a bank app shows what has already happened – income and expenses. But it does not show the full picture. And it is important for a person to see what is happening with their data more broadly – whether someone is trying to borrow in their name or new entries appear. Fraud cases became the impetus to create a tool that would allow a person to be more independent, help protect their financial situation, and better manage finances,” says R. Špicas.
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