Norway Grapples with Soaring Online Banking Fraud Losses

In a worrying trend, online banking fraud in Norway has resulted in staggering losses of over 395 million Norwegian kroner last year. This alarming figure highlights the need for increased vigilance and effective measures to combat this growing threat.

Total Losses Reach 395 Million Kroner in 2022

• Over 270 million kroner lost due to manipulation of victims into issuing payment orders
• Total losses have seen a significant increase since 2018

Payment Card Fraud on the Rise

Payment card fraud in Norway saw steady growth from 2013 to 2016, followed by a dip in subsequent years before surging again in 2022. The primary modus operandi for most fraud cases was electronic initiation of payments.

Global Payment Card Fraud Epidemic

Globally, forecasters predict that fraudulent payment transactions will reach an alarming total of over $32 billion USD by the end of 2021, with no signs of slowing down in the coming years. Debit cards emerged as the most vulnerable payment method worldwide, bearing the brunt of the fraud onslaught.

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