Norway’s Banking Sector Confronts Rise in Fraud Cases: Tietoevry Banking Prevents $330 Million in Losses
Oslo, Norway - A Staggering Surge in Digital Fraud
A new report by Tietoevry Banking reveals a significant increase in fraudulent activities in Norway’s banking sector. The report, based on an analysis of over three billion card and account transactions, shows that the number of fraud attempts involving cards or accounts has risen by almost 70 percent from 2022 to 2023.
The Rise of Digital Fraud
According to the “Payment Fraud Report”, advanced phishing and social engineering methods have led to a surge in fraudulent activities. Social engineering is becoming increasingly prevalent, with the number of fraud cases involving digital wallets increasing by a staggering 300 percent. Artificial Intelligence (AI) is also playing a significant role in fraud, with AI-generated deep-fake phone calls and other forms of manipulation posing a major threat.
The Impact on Norway’s Banking Sector
The report highlights that Norway’s banking sector is facing a major challenge in preventing fraudulent activities. Tietoevry Banking monitors card and account transactions in real-time and has a Defence Centre where experts work around the clock to detect and prevent fraud. In 2023, the company monitored 3.4 billion transactions, handled 134,000 fraud cases with a detection rate of 90 percent, and stopped approximately 70 percent of fraud attempts without loss, saving customers NOK 2.7 billion (approximately $330 million).
The Threats to Financial Institutions
“We are witnessing a rapidly growing problem worldwide, where criminals use various channels such as social media, phone calls, messages, emails, and online meetings to exploit human factors and gain confidential information or assets,” said André Moen Eide, Head of Financial Crime Prevention Defence Centre at Tietoevry Banking. “The use of AI will make fraudsters even better at this, and we must stay ahead of the criminals by innovating our defenses.”
Prominent Fraud Methods
The report revealed that prominent fraud methods detected included:
- Secure account fraud
- Romance scams
- Various extortion methods
Simple Steps to Reduce Risk of Falling Victim to Fraud
To combat these threats, Tietoevry Banking recommends five simple steps to reduce the risk of falling victim to fraud:
- Verify the identity of people who contact you
- Never disclose sensitive information in calls or messages
- Be skeptical of unexpected messages
- Be aware that public information can be exploited
- Beware of fake online stores
The Full Payment Fraud Report
The full report is available for download on FinCrime Insights: Payment Fraud Report.
About Tietoevry Banking
Tietoevry Banking is the market-leading provider of financial SaaS solutions for the Nordics and beyond, with a proven track record of delivering low-risk implementation of its software for cards, payments, credit, financial fraud prevention, and wealth. With unmatched scale, expertise, and specialization, Tietoevry Banking drives the industry forward by enabling financial institutions to become more agile and efficient, accelerating their digital transformation journey.