The Fraud That Woke Up the Banks

Phone scammers ruthlessly deceived Swedish pensioners out of large sums of money. But after a close-up TV report, the banks took action, according to Niclas Andersson at Noa. The profits from so-called vishing have now decreased by over 40 percent.

» Published: January 14 2025

The Fraud That Woke Up the Banks
Photo: Jessica Gow/TT

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In a notable program, SVT's Mission Review last year showed how phone scammers stole millions of kronor from elderly Swedes.

With image and audio material from an unknown person who hacked the gang, it was shown how pensioners were deceived with cynical and refined methods to give scammers access to their bank accounts, where the perpetrators were heard laughing and insulting their victims after the transfers.

On Monday, four people were charged with involvement in the crime.

Niclas Andersson, deputy head of the investigation unit at the National Operational Department, says that the program had a significant impact on the banks' efforts against fraud.

It was very clear that both politics and banks, as well as other social actors, understood that they had to work more with these issues.

The profits from phone scams, so-called vishing, have now decreased by over 40 percent – a result he attributes to the banks' work.

This includes, among other things, the police and banks now meeting regularly and sharing information about setups and personal data, but also that banks are much tougher in their control functions to ensure that money cannot be transferred as easily.

It has also meant that those who risk being exposed need to think twice before making the transfer, which has had a good effect.

However, there is still more to be done to counteract the fraud. Andersson points, among other things, to Finland, where telecom companies have contributed by stopping fraudulent calls from getting through.

If someone calls you and you become unsure, you should end the call. The earlier you interrupt the call, the greater the chance you have to stop the scammer.

Never identify yourself with bank-id and never give out codes from a bank box or payment card at someone else's request.

If you receive an SMS with information you don't recognize, it's likely a scam. Don't respond.

Source: The Police

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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