Fraudulent Activities on the Rise in Norway

Social Engineering Scams Target Unsuspecting Citizens

A staggering 456% surge in social engineering fraud has been reported in Norway, with Bank Norwegian revealing that transactions totaling NOK 15.2 million have been blocked for its customers who have fallen prey to these scams from January 2020 to October 2022. According to Håkon Hovde, Head of Fraud and Disputes at Bank Norwegian, Norwegian consumers are more vulnerable to fraud attempts now than they were two years ago.

The Growing Threat

The banking industry has acknowledged the growing threat, closely monitoring trends related to fraudulent activities and actively working to prevent them. However, customers also have a crucial role to play in safeguarding their own security, Hovde emphasized.

Key Tips for Avoiding Scams

• BankID codes and passwords are uniquely yours, and should never be handed over to others - no matter who asks.
• Handle your personal data with care, but be aware that even careful individuals can still fall victim to sophisticated scams.

The Profitable Nature of Social Engineering

Social engineering scams have become a highly profitable method for fraudsters, prompting Bank Norwegian to actively prevent and uncover such activities while also increasing awareness and knowledge about digital security among its customers and within the industry.

Håkon Hovde’s Advice

If someone calls you and asks for your BankID codes or passwords, hang up immediately. With fraudulent activities on the rise in Norway, it has never been more important for citizens to stay vigilant and prioritize their digital security.

Conclusion

In light of these findings, it is clear that Norwegian citizens must take proactive measures to protect themselves from social engineering scams. By following simple tips and staying informed about the latest threats, individuals can safeguard their financial well-being and avoid falling victim to fraudulent activities.