A new report from Visa reveals that 42 percent of Swedes were victims of fraud attempts in 2024. Fraudsters are increasingly using social manipulation, such as fake emails, SMS or phone calls, underscoring the need for increased awareness and better protection.
Fraud attempts take many different forms in Swedes' digital everyday lives. The report "Security and Trust in Nordic Payments" from Visa Consulting & Analytics shows that a significant proportion of fraud attempts are carried out through social engineering.
”Visa proactively prevented an estimated $39 billion in global fraud last year. But as this study shows, there is still much work to be done. The high number of fraud attempts shows that it is crucial for consumers to be better informed about how to avoid being scammed, and that digital payment providers are actively working to strengthen security and regain consumer trust.,” says Fredrik Lindquist, Head of Sweden for Visa.
In 2024, 19 percent of Swedes were exposed to so-called ”phishing”, where the sender uses emails, SMS or phone calls to trick us into clicking on malicious links, revealing our account numbers or payment card details to the wrong people. However, Swedish consumers are slightly less exposed than the rest of the Nordic region, where over 50 percent have experienced fraud attempts. Iceland stands out with a whopping 70 percent. On average, those affected by fraud lost 1,800 SEK in 2024.
Unlike our Nordic neighbors, Swedes are less likely to use card control options such as blocking transactions by payment channel or geography. The report shows that only 24 percent use these settings, compared to 52 percent of Norwegians and 44 percent of Finns.
Visa has been at the forefront of fraud prevention for decades, investing over €11 billion in technology over the past five years to reduce fraud and improve network security. Last year, Visa proactively prevented an estimated €39 billion in global fraud, resulting in a fraud rate that is among the lowest of any payment method.
According to the press release.
