Denmark: Online banking fraud is exploding

While there were a total of 3,897 cases of online banking fraud in Denmark in the whole of 2022, that figure has grown to 5,212 cases in H1 2023 alone, according to new figures from Finans Danmark.

However, the banks are stopping criminals from getting away with a large part of the money. Therefore, the amount stolen in H1 2023 is at the same level as last year, despite the large increase in the number of cases.

Social engineering fraud is peaking in the country, and despite it being a trend for  a few years there have never been as many cases as in H1 2023.

“The criminals have found that this is a lucrative method. We are a society built on mutual trust. And when the criminals challenge that trust with false stories, we are challenged. That’s why it’s important to be aware that the criminals do these things – and they don’t spare any means,” says Ulrik Nødgaard, managing director of Finans Danmark.

The banks are stopping more and more

While the criminals stole 96.3 million kroner in this way throughout 2022, in H1 2023 they got away with 54.5 million kroner.

“In relation to the fact that there have been more than twice as many cases, the criminals have not succeeded in stealing twice as much money. This is due, among other things, to the banks getting better and better at screening and detecting transactions,” continues Nødgaard.

However, there are limits to how much the banks can stop. And that is why it is incredibly important that customers know the criminals’ methods and are vigilant.

“The banks continuously adapt their fraud prevention in relation to the pending fraud scenarios. But it is difficult to identify the cases where the customer himself creates and approves transfers. That is why it is so important that we are all on guard against the criminals, so that together we can get them stopped,” concludes Nødgaard.