Business Round-Up: Danes among the biggest victims of card fraud in Europe

Talking of criminals, the minister for development co-operation, Flemming Møller Mortensen, has been summoned to a consultation at Parliament on Tuesday to answer questions regarding how the state lost 12.7 billion kroner between 2012 and 2015 due to a share dividend loophole

The Danish public are vulnerable to being approach by people impersonating somebody else … but okay, maybe not him (photo: Geraint Rowland/Flickr)
April 19th, 2021 5:00 pm| by Ben Hamilton
Facebooktwitterpinterestmail

People in Denmark are among the biggest victims of card fraud in Europe, according to a report compiled by Uswitch. 

People in Denmark lost 7,274 euros per every 1,000 inhabitants in 2020, placing the country third in the rankings behind the UK (10,414) and Ireland (7,949).

Completing the top ten were France, Luxembourg, Malta, Sweden, Finland, Belgium and the Netherlands. 

Some 51 per 1,000 people in Denmark were victims – the fourth highest return, trailing the UK (123), France (101) and Ireland (88).

A fifth think they’re invincible
There’s no doubt that cybercrime is a big business. Today you are far more likely to be a victim to a fraudster than any other type of criminal. 

Through its survey carried out on the British public alone, the Annual Fraud Indicator discovered that over half of the recipients have at some point been a victim and 45 percent have had their personal information stolen online, but 20 percent do not believe they are at risk!

Of those who have been victims, 40 percent said their mental health has suffered as a result.

Impersonation the biggest threat
According to the British survey, the most common scams are investments (lost: £131.5 million, reimbursed: 49) and impersonation of authority figures/banks (96.6, 59.5).

Completing the top eight were invoices and mandates (81.9, 37.3), purchases (57.1, 16.3), impersonation of others (53.7, 24.6), advance fees (23.0, 8.0), romance (21.2, 8.1) and CEO fraud (10.4, 3.9). 

CEO Fraud involves impersonating executives to fool accounting or HR employees into authorising spending or releasing sensitive information; advance fee fraud offers untold proceeds in return for an up-front payment.


Minister to answer crucial questions relating to Cum-Ex scandal
Charges continue to be made in relation to the exploitation of a share dividend loophole that defrauded the Danish state of 12.7 billion kroner between 2012 and 2015 – a case now commonly known as the European Cum-Ex scandal. However, on Tuesday, a more pressing matter will be addressed: how were the fraudsters able to get away with it for so long? The minister for development co-operation, Flemming Møller Mortensen, has been summoned to a consultation at Parliament to explain why. The consultation follows six fresh charges made last week as part of SØIK’s long-running investigation – three Brits and three Americans accused of obtaining 1.1 billion kroner – taking the total number charged to eight. The alleged mastermind, Sanjay Shah, and one other Brit were charged in January with obtaining just over 9 billion kroner. Among the companies implicated in the charges is the German bank North Channel Bank.

Danske Bank CEO resigns following Dutch money-laundering speculation 
Chris Vogelzang has resigned with immediate effect as the CEO of Danske Bank. The bank informed the Copenhagen Stock Exchange this morning that Vogelzang is under investigation in the Netherlands relating to his term in charge of ABN AMRO and possible money-laundering offences carried out. “I am very surprised by the decision of the Dutch authorities. I left ABN AMRO more than four years ago and I am confident that I fulfilled my managerial responsibilities with integrity and dedication,” said Vogelzang. “But in light of the special situation Danske Bank is in, and the intense investigation that the bank is under, especially when it comes to combating money laundering as a result of the not yet concluded Estonia case, I do not want speculation about my person to stand in the way of Danske Bank’s continued development.” Carsten Egeriis has been confirmed as the new CEO of Danske Bank.

Bestseller links to Myanmar military, reports Politiken
At least two factories used by Bestseller in Myanmar have strong ties to the country’s military, according to a UN report cited by Politiken. Of three factories used by Bestseller in the military-controlled industrial zone Ngwe Pinlae, two have clear ties to the heavily sanctioned Myanmar Economic Holdings, a company owned by the military. Jeppe Kofod, the foreign minister, has told Politiken he is very upset about the collaboration. “I would like to make it very clear that I think it is very problematic if Bestseller chooses to have clothes produced in factories that, according to the UN, are controlled by the military dictatorship in Myanmar,” he told the newspaper.

Copenhagen among the elite headquarter cities for Forbes Under 30s
Copenhagen is the seventh most likely city in the continent to be the headquarters of somebody on the Forbes Under 30 Europe list. In total, there are eight Danes on the exclusive list, but many more use Copenhagen as their base. The top six HQ cities are London, Berlin, Stockholm, Paris, Amsterdam and Munich. However, Denmark failed to make the top seven countries. This year, 39 percent of those included are female, 60 percent male and 1 percent non-binary. 

Legoland earnings well done on previous year
It’s been a busy week for Lego – not least as it marked the 25th anniversary of its first game on April 12, and then four days later launched the TV series ‘Lego Masters’, which can be viewed on TV2. Nevertheless, it hasn’t all been plain sailing, as the KIRKBI Group, the main shareholder of the toy company, has announced a disappointing performance by the Legoland themeparks in 2020. KIRKBI’s earnings from its stake in the parks’ owner Merlin Entertainments fell from 16.9 to 6.4 billion kroner. The timing has been bad for KIRKBI as it increased its stake in Merlin from 30 to nearly 50 percent in the summer of 2019. 

New chief economist at SEB
Jens Magnusson has been appointed the new chief economist at the Danish bank SEB. Magnusson, the current head of personal finance, will replace Robert Bergqvist, who has decided to take on the role of senior economist. The pair will assume their new positions on August 1.

[related-posts posttype=post]