Criminals defrauded themselves of NOK 9.6 billion in the Nordic region last year

– The Nordic countries have had an enormous increase in online fraud in recent years. We see that the criminals operate across national borders. Cooperation between the authorities in the Nordic countries is therefore of great importance in the fight against crime, says head of Økokrim, Pål K. Lønseth.

In a threat assessment published on Tuesday, Økokrim in Norway and police authorities in the four other Nordic countries put forward their recommendations for how the Nordics can strengthen their joint fight against digital fraud.

There are extensive cases of online fraud throughout the Nordics. Profits from fraud are invested in, among other things, drugs and weapons, and finance serious organized crime, according to Økokrim.

Fraud for DKK 9.6 billion

In 2023, close to 260,000 digital frauds were reported to the police in the Nordic countries, but the hidden figures are large. The criminals swindled an estimated 828 million euros, or around NOK 9.6 billion, last year alone.

Several perpetrators behind online banking fraud are connected to organized criminal networks and operate across national borders. Cooperation within the Nordic region is thus crucial to being able to combat these frauds, according to Lønseth.

In the threat assessment, several recommendations are put forward to better combat this form of crime. Among other things, better technology and analytical tools at the police authorities, and legislative changes that make it easier to share information between banks, the telecoms sector and the police.

Must make the some companies responsible

The Nordic police authorities also believe that the technology companies must be held accountable. The technology giants make money from fraudulent ads, the report states.

– A more effective way to prevent fake investment ads in social media could be to put pressure on the tech giants or change the laws to make them more accountable for the content and ads on their platforms. This will require the companies to review the ads before publication instead of removing them after they have already been published, it says.