Identity Theft Concerns Emerge with Norway’s BankID System

As digital identities become increasingly prevalent across the European Union, concerns about identity theft are growing. A recent report has highlighted the risks associated with Norway’s BankID system, used for online banking and financial transactions.

Key Findings

Most cases of eID-related crime in Norway were “crimes of opportunity,” where individuals took advantage of friends or family members who needed cash.
Many of these crimes were committed using outdated one-time-pin generators, which are being phased out in favor of more modern app-based authentication methods.

• The majority of fraudulent transactions were related to: + Signing up for loans and credit cards + Shopping online + Money transfers

• In most cases, the perpetrators were individuals known to the victim, such as friends or family members. • Many victims had given their BankID passwords to the perpetrator themselves.

Report Highlights

56% of fraud cases reported to the police were not investigated
Only 9% resulted in convictions

Call to Action

Experts are urging stricter regulations on identity eWallet solutions to ensure they have robust security measures in place. Consumers must also prioritize protecting their digital identities and financial data.

Recommendations for Consumers and Service Providers

Consumers:

• Be vigilant when sharing BankID passwords or using outdated authentication methods • Take steps to secure personal information and financial data

Service Providers:

• Prioritize app security and identity protection measures to prevent fraudulent activity • Implement stricter regulations on eWallet solutions

Conclusion

The report highlights the need for a more comprehensive approach to identity theft prevention, including stricter regulations on eWallet solutions and greater consumer awareness about online security best practices. By taking proactive steps, we can reduce the risk of identity theft and ensure a safer online experience.