SWEDEN Decrease in Fraud YoY
Changes in Fraud Landscape Present New Challenges
The trends we observe in Sweden are most similar to those of Denmark and the United Kingdom (UK), all three of which have a distinct downward trend in overall losses and card not present (CNP) fraud. Denmark had a definitive fraud peak in 2016 with fraud levels taking a sharp downward turn thereafter, whereas CNP fraud levels in Sweden and the UK appear to have peaked a couple of years later in 2018 and began to decrease at a more gradual rate over the last three years.
Like its top-performing counterparts, Sweden may be enjoying a reduction in CNP fraud, but this is only a sign that the fraud landscape has changed and losses are occurring elsewhere. Scams remain prevalent and fraudsters are targeting customer vulnerabilities in order to make financial gain with minimal signs of suspicion; authorised push payments are swiftly becoming the number one fraud threat across the United Kingdom and the Nordic region. Many banks are having to constantly adapt to combat new scam techniques and keep customer education and messaging fresh whilst ensuring a seamless customer journey. FICO has developed specific models for detecting scams, and these are helping lenders respond faster to this form of fraud.