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Ellen Bagley, a 20-year-old from Linkoping, Sweden, fell victim to fraud shortly after making her first sale on a second-hand clothing app. She received a message asking her to verify her details, which led her to use BankID, a digital authorization system. Despite some error messages, it was too late by the time she realized something was wrong—over 10,000 Swedish kronor ($1,000) had been stolen from her account.
Sweden, having moved extensively towards a cashless society, faces rising digital crime, with criminals stealing 1.2 billion kronor through scams in 2023, double the amount from 2021. This increase in online fraud is part of a broader criminal economy, estimated to be as much as 2.5% of the country's GDP. Authorities are pressured to enhance security measures without hampering economic activity. Complex schemes involving fake companies and forged documents have made Sweden a hub for criminal entrepreneurship. Daniel Larson, a senior economic crime prosecutor, emphasized that while gang-related gun violence is a major issue, economic crime fuels such activities and needs equally aggressive attention.
Sweden's shift to electronic transactions began after a surge in armed robberies in the 1990s, leading to a significant reduction in cash usage. By 2022, only 8% of Swedes used cash for their most recent purchases. BankID, a digital system requiring a code, fingerprint, or face scan for authentication, plays a crucial role in this cashless environment. It is widely used for various transactions, from paying taxes to buying bus tickets. Its integration into Swedish life increased significantly after the tax agency adopted it in 2005, and its usage grew further with its availability on mobile phones in 2010. Despite its convenience, the central bank acknowledges the need to recognize that not all cash usage is criminal, as stated by Riksbank Governor Erik Thedeen.
More at https://www.irishexaminer.com/business/economy/arid-41421928.html
