Sweden faces rising bank fraud and calls for compensation

Sweden is facing a significant rise in bank fraud, with approximately 100 reported cases occurring daily. Currently, bank customers bear 85 percent of the financial losses resulting from these scams. In one recent incident in Östersund, a man in his 90s lost 200,000 SEK after being manipulated into using BankID following a fraudulent call impersonating Swedbank.

There are growing calls for a state-administered compensation guarantee to cover customer losses. Proponents suggest this system could be funded by mandatory fees from banks, similar to the existing deposit guarantee. Such a model would create stronger incentives for banks to reduce fraud, as they would be held more financially accountable. Major Swedish banks, including Nordea, Swedbank, SEB, and Handelsbanken, reported combined profits of 177 billion SEK in 2025, suggesting the capacity to fund such a guarantee.