NORWAY Increase in Fraud YoY

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Norway Feel the Effect of Large Attack

Many countries saw isolated attacks through 2020 but none as consistently and aggressively as Norway. Whilst the underlying reason for this targeting is still not clear, the impact is clear in the data, with Norway seeing the largest single increase in card fraud within the study. This is accompanied by a greater availability and more consistent reporting of industry-level loss data, giving a clearer picture of the true fraud threat than ever before.

The attacks centre around large-scale phishing and smishing attacks, designed to introduce a scam which ultimately ends in fraudulent CNP transactions. Much has been done in region to combat this threat from both our banking partners and the mobile phone operators, with real success. The worrying sign here is that the fraudsters have found a hybrid attack vector for the historically ‘digital savvy’ market.

Phishing and smishing attacks come almost exclusively from data compromise and result in several point attacks. The ability to identify these events effectively and early enough to prevent the attack takes a collaborative approach. FICO® Falcon® Compromise Manager is designed to flag fraud attacks and data compromise significantly earlier, helping banks minimise losses and better protect customers, facilitating even greater collaboration between the banks to address the challenge.