Digital security is more important than ever as fraud attempts due to social engineering are increasing dramatically

Social engineering is an umbrella term for all fraud attempts where the customer is tricked into providing sensitive information, often via telephone or e-mail. Statistics from Bank Norwegian shows that this type of fraud has increased dramatically in Norway.

- From January 2020 to October 2022, fraud due to social engineering has increased by 456 per cent. During the same period, transactions totalling NOK 15.2 million have been stopped for our customers who have been exposed to this type of fraud. We see that Norwegian consumers are more exposed to fraud attempts now than two years ago, says Håkon Hovde, Head of Fraud and Disputes at Bank Norwegian.

Many have experienced being called up by someone pretending to be a representative from the bank, the police, or the tax authorities, asking for your personal BankID codes or passwords. The banking industry is aware of the threats, closely follows trends related to fraudulent activities, and actively works to prevent them.

Even though using digital banking solutions is safe and the bank takes the customer's security seriously, Hovde points out that customers also have a responsibility to protect their own BankID codes and passwords.

- BankID codes and passwords are uniquely yours. They are the keys to your digital identity and should never be handed over to others - no matter who asks. If you believe that you are a victim of fraud, you must contact the bank immediately so that we can help you, he says.

Norwegian bank customers are excellent at digital security. As many as 65 percent believe they, to a high or very high degree, handle their personal data well[i]. Unfortunately, some can still be deceived as criminals are becoming increasingly clever and resourceful, and fraud attempts are becoming more frequent.

- For criminals, social engineering is a highly profitable method. We work actively to prevent and uncover this. At the same time, we want to increase awareness and knowledge about digital security, both among our customers, but also within the industry, says Hovde.

Lastly, the advice from Hovde is crystal clear:

- If someone calls you and asks you for your BankID codes or passwords. Hang up!