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Danish banks have successfully reduced online banking fraud, stopping nearly two-thirds of attempted scams in the second half of 2024.
New figures from Finans Danmark reveal a decline in both the number of victims and the total amount stolen compared to 2023, which was a record-breaking year for fraud.
“I really hope that the development we can see right now continues," said Michael Busk-Jepsen, digitalisation director at Finans Danmark.
In 2024, criminals managed to steal DKK82m ($11.7m) through scams, often by posing as bank representatives.
This represents an improvement from 2023, when more than DKK105m ($15m) was lost across more than 9,000 cases.
Last year, 6,919 cases were recorded, with fraudsters tricking victims into transferring money under false pretences.
“It is the first time in years that we have collected the figures [and they have gone] that way,” commented Busk-Jepsen.
However, he warned that fraud is still a significant issue: “Having your trust in other people broken can be very...unpleasant for the victims. It is good that we have broken the upward curve, but there is still a lot to do to stop the criminals, and we are not taking our foot off the accelerator.”
Although banks have strengthened their fraud prevention efforts, criminals are constantly adapting.
For example, the trade association warned that scammers are increasingly impersonating friends or relatives in distress, and even visiting victims' homes pretending to be bank officials collecting cash or cards.
Despite progress, experts urge continued vigilance to counter evolving fraud tactics.
