Norway Suffers Significant Losses Due to Fraudulent Activities in Finance, Totaling Over 395 Million Kroner in 2022

Staggering Financial Losses

In 2022, Norway experienced a significant loss of over 395 million Norwegian kroner due to online banking fraud. This alarming figure represents a substantial increase since 2018.

Payment Card Fraud on the Rise

Payment card fraud also saw a surge in Norway, with losses growing steadily from 2013 to 2016 before experiencing a dip in the following years. However, it peaked again in 2022, with electronic initiation of payments being responsible for a high number of these fraudulent transactions.

Global Payment Card Fraud Losses

The issue is not unique to Norway, as global payment card fraud losses are predicted to reach over 32 billion US dollars in 2021 and are expected to continue rising in the coming years. According to statistics, debit cards were found to be the most commonly used payment method for fraudulent activities worldwide.

Key Takeaways

• Over 395 million Norwegian kroner was lost to online banking fraud in Norway in 2022
• Payment card fraud losses grew steadily from 2013 to 2016 before experiencing a dip and peaking again in 2022
• Electronic initiation of payments was responsible for a high number of fraudulent transactions
• Global payment card fraud losses are predicted to reach over 32 billion US dollars in 2021 and continue rising in the coming years
• Debit cards were found to be the most commonly used payment method for fraudulent activities worldwide