Contemporary Online Banking Fraud in Norway : A case study

Sammanfattning: Banks are currently battling rising of fraudulent activities as it damages their relationship with their customers. Online banking fraud is decreasing trust and confidence among the customers and decreasing operating performance and increasing cost for the banks. This paper looks at online banking fraud in Norway and answers the research questions (1). How are bank customers attacked through the internet? and (2). How are banks trying to prevent fraudulent attacks against their customers? Interviews and document collection were used for data gathering, and in total, four interviews were conducted with academics and business professionals. The data were analysed using thematic analysis. The findings suggest that BankID fraud, Card fraud, CEO fraud, Investment fraud, Love scams and Phishing are among the most frequent attacks in Norway at present. Attacks contain elements of social manipulation, constantly change and are customized to target victims. The attacks have in common that they all are showing patterns of professionalizing. The study found that Norwegian banks are technologically advanced regarding fraud detection and authentication, and have put efforts into awareness against online banking fraud. However, the main issue of online banking fraud in Norway is seemingly grounded in the interactions made by the customers with the technology and not the prevention system the banks deploy.