In 2023, a record number of cases of online banking fraud were reported – as much as double the amount in 2022, according to Finans Danmark, an interest organisation for banks and credit unions. 

Michael Busk-Jepsen, director of digitization at Finans Danmark, says fraudsters have become better at deceiving their victims:

“The criminals have gotten better, their tools have become more efficient, and unfortunately we have to admit that they are also successful, and that’s why they keep doing it,” he said in a press release.

He points out that the police struggle to solve this type of cybercrime, and perpetrators are rarely caught.

Last year, there were 9127 cases of online banking fraud. In 3842 of those cases, either the customer or the bank lost money.

Finans Danmark observes that online banking fraudsters specifically target older women.

“They have gone for names that are overrepresented in the older part of the female population,” says Busk-Jepsen.

The fraud, also called ‘phishing’, typically involves the criminal sending text messages or emails to the victims, where they are asked to enter their information.

“It is very common for criminals to use an occasion to send these emails and text messages. For example, it could be payment of tax or holiday pay,” says Busk-Jepsen.

Although phishing is the most widespread form of online banking fraud, there is another method that is more effective.

“The biggest losses actually happen when a criminal calls and asks the victim to disclose some things by telling a false story – perhaps that something is about to happen to one’s account and that funds must therefore be quickly transferred,” says Busk-Jepsen.

“You have to hang up the phone. The banks and the police don’t call like that,” he asserts, adding that you should never share your codes or personal information, and be mindful of what you approve on MitId.