One in three Norwegian business leaders has been the target of a fraud attempt within the past year, according to data from SpareBank 1 Sør-Norge. This surge in activity, which has intensified since late summer, is marked by a shift toward targeting employees with access to corporate accounts and the authority to approve payments via BankID. Roger Lund Antonesen, executive vice president for the corporate market at SpareBank 1 Sør-Norge, notes, “Det er et høyt tall,” emphasizing that smaller businesses are particularly vulnerable.
New Methods Targeting Corporate Accounts
Anti-fraud specialist Gunnar Wold at SpareBank 1 Sør-Norge describes a sophisticated modus operandi where attackers impersonate trusted institutions. When the target clicks the link, the process appears to fail.
Approximately one hour to a day later, the victim receives a follow-up call from an individual claiming to be from the bank’s security department. These callers often create a sense of urgency, claiming an investigation is underway and instructing the employee to perform BankID signings to “stop” the supposed fraud. In reality, the victim is providing the attacker with the credentials necessary to access and drain corporate funds. DNB fraud expert Sebastian Takle confirms that while many customers are targeted, the bank has successfully intercepted some of these transactions. Nordea’s fraud expert, Ida Marie Edholm, adds that phishing is often directed at any staff member with account access, not just executives.
Did You Know?
Data indicates that approximately 20 businesses have already suffered financial losses ranging from 100,000 kroner to several million kroner due to this specific trend.
Coordinated Industry Response
Rogaland Sparebank director Lene Nevland Sivertsen confirms a significant uptick in attempts since the summer, with attackers frequently posing as police or bank officials to manipulate victims into sharing sensitive information. While banks and firms like Telenor work to mitigate risk, Telenor CEO Birgitte Engebretsen notes that four out of ten people find fraud attempts specifically tailored to their interests, stating, “Mange tenker ikke over hva vi deler av digitale spor om oss selv på nett.”
Expert Insight:
The current environment reflects an escalating cycle where banks and telecommunications firms implement new security measures, such as Telenor’s blocking of over 913 million threats in three months, while attackers continuously refine their strategies to exploit human psychology and digital access points.
Telenor launches campaign promoting fraud insurance
As fraud threats evolve, Telenor has launched a campaign managed by media agency OMD, represented by Simen Ombustvedt, to highlight that fraud involves more than financial loss. “Svindel handler sjelden bare om økonomisk tap,” says Synnøve Henden Kaasen, communications manager for Telenor’s business market. The campaign promotes the company’s SafeZone service, which includes fraud insurance.
Employees across various levels face targeted phishing attacks
Are only high-level executives being targeted by these fraud attempts?
No, the scope of the attacks has broadened. While executives are targeted, banks report an increase in phishing attempts directed at various employees who have access to corporate accounts and the ability to authorize payments.
What is the typical sequence of events in these fraud cases?
The process usually begins with a fraudulent message or SMS containing a link. After the victim interacts with the link, they receive a follow-up call from an impersonator who claims to be from a security department and pressures the victim to use BankID to “stop” a fake fraud attempt.
How might businesses further adjust their internal verification procedures to better protect against these evolving social engineering tactics?