A new survey commissioned by Tietoevry Banking has revealed alarming trends in financial fraud across Nordic countries Sweden and Norway, with 16% of Swedes and 12% of Norwegians reporting that they or a family member were victims of fraud or identity theft in the past year.
The findings highlight both growing concerns over artificial intelligence (AI)-driven scams and a paradox in reported fraud levels versus actual criminal activity detected.
Sweden’s figures mark the highest level of fraud exposure since the survey began in 2023, while Norway shows a decline from its previous record high. However, Tietoevry Banking’s own fraud monitoring tells a different story. In the first half of 2025, the company and its partner banks successfully blocked fraudulent payments worth NOK 2.3bn to illegitimate merchants – a surge of over 60% compared to the same period in 2024.
Tietoevry Banking international expert in identity and fraud prevention John Erik Setsaas said, “Despite decline in fraud in Norway, this is far from a solved problem. Our own systems continue to detect large volumes of fraud attempts, and the methods are becoming more sophisticated – with AI now a central tool for criminals. Beyond the personal losses and distress for each victim, these crimes erode trust, and drain resources from banks, companies, and authorities. We must act to ensure that fraud does not pay off.”
The survey also uncovered declining public trust in both financial institutions and technology-based prevention methods. Fewer respondents in both Nordic countries are willing to share personal financial data to fight fraud, while trust in AI as a tool for fraud prevention has fallen sharply since last year. Conversely, concern about AI misuse has grown significantly, with almost half of Swedes and more than 40% of Norwegians expressing fears that advanced technology will heighten fraud risks in the future.
The survey, carried out by YouGov in June 2025, included responses from 1,019 participants in Sweden and 1,016 in Norway.
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