A new survey conducted on behalf of Tietoevry Banking reveals that 18% of Norwegians and 15% of Swedes have fallen victim to financial fraud or identity theft in the past year. This represents approximately 800,000 Norwegians and 1.2 million Swedes. Tietoevry Banking, which assists banks in detecting and stopping fraud, recorded an “all-time high” number of fraud attempts in both countries during the summer months, with a 47% increase compared to the previous year.

 "The fact that 18% of Norwegians and 15% of Swedes, either themselves or through a family member, have been exposed to fraud confirms how widespread this problem has become. Our data supports this trend, with fraud attempts reaching an all-time high in the summer. Although many attempts are stopped, fraudsters continue to develop new and increasingly sophisticated methods, with AI becoming a key tool in their arsenal," says André Moen Eide, head of Tietoevry Banking's Defence Centre.

Tietoevry Banking’s own data further supports the findings of the recent survey, showing a significant increase in fraud attempts throughout the summer of 2024. The number of detected fraud attempts reached record levels, with August marking the highest number ever recorded. The most common types of fraud involve various forms of social engineering, such as deceptive phone calls, messages, or advertisements on digital platforms.

Fraud impact varies across age groups and regions

The survey shows that younger generations are particularly vulnerable to financial fraud. In Norway, 30% of individuals aged 18-29, and 29% of the same age group in Sweden, reported that they or a family member had been affected by fraud in the last year, significantly higher than the 12% of those aged 60+ in Norway and 11% in Sweden. Additionally, Oslo stands out with 28% of respondents reporting they or a family member were targeted, much higher than in other regions.

"Although fewer elderly people fall victim to fraud, their financial losses are often far greater. Fraudsters often use specific manipulation tactics targeting older individuals, and a successful attempt can grant them access to both online banking accounts and payment cards. Millions in savings can quickly vanish," says André Moen Eide.

Concern over AI-powered fraud

The survey conducted by YouGov also reveals growing concern over the use of artificial intelligence (AI) in fraud. In Norway, 46% of respondents, and 48% in Sweden, are now quite or very concerned that AI will increase the risk of fraud.

Despite these concerns, both Norwegians and Swedes remain willing to share necessary information to combat financial crime. In Norway, 74% are willing to share personal financial information between banks and public authorities, with 75% in Sweden. Additionally, 55% of Norwegians and 51% of Swedes are open to allowing AI to analyze their financial information for fraud prevention purposes.

"Data sharing between banks and public authorities is crucial for effectively combating financial crime. Today, there are significant opportunities for banks to detect suspicious transaction patterns, but they are often hindered by the inability to share data between different actors. AI can play a vital role in combining this data to prevent large sums of money from falling into the hands of criminals. It's encouraging to see that so many people in both countries recognize these benefits and are positive about data sharing and AI. It's essential that we don't leave the technology solely in the hands of criminals," says André Moen Eide.

5 Tips to reduce the risk of AI-Powered fraud
"AI enables fraudsters to create and synthesize both images and voices, making it possible to stage sophisticated fraud attempts where victims believe they are communicating with a trusted person. It is now possible to recreate the voices of people you know and trust. It’s more important than ever to maintain digital vigilance and stop fraudsters in their tracks," says André Moen Eide.

 Verify the identity of people who contact you: Fraudsters can use AI to create synthetic voices and carry out phone scams. Ask control questions if you're in doubt, and ask the person to verify themselves with information only they would know.

 Never give out sensitive information in conversations or messages: Be cautious with unexpected requests for personal or financial information. Do not approve logins or transactions without verifying the purpose. Fraudsters often claim to call from a bank or public authority.

 Be skeptical of unexpected messages: Think twice before clicking on links or opening attachments. Be wary of messages that urge quick money transfers from friends or family – their accounts might have been hacked.

 Be aware that public information can be exploited: Remember that all information shared publicly, whether on social media or other digital platforms, is accessible to criminals. Personal information can be used to create convincing fraud attempts. AI can now mimic people’s voices and images.

 Watch out for fake online stores: Many card fraud attempts happen through fake online stores designed to look like legitimate businesses, often using AI. Always verify the legitimacy of the store, and be cautious of offers that seem too good to be true.

About the Survey

The survey was conducted by YouGov on behalf of Tietoevry Banking. In Norway, 1,014 interviews were conducted online between July 17-23, 2024, with men and women aged 18+. In Sweden, 1,100 interviews were conducted between July 15-17, 2024.

The issue of fraud is further confirmed by data from Tietoevry Banking. Tietoevry Banking's "Payment Fraud Report," released in May, analyzes over three billion card and account transactions, of which approximately two billion are in Norway, revealing a significant increase in advanced phishing and various social engineering tactics.