Tietoevry Banking’s new insight-report reveals an increase in digital payment fraud in Europe

The new report shows that social manipulation scams increased dramatically by 156%, while phishing cases increased by 77% in 2024, compared to 2023. The growing use of technologies such as deep-fake voice impersonation, AI-generated phishing emails, and QR code scams has made fraud detection substantially more difficult for financial institutions and customers alike.

Tietoevry Banking’s report reveals a sharp rise in the rate of detected fraud across Europe. In 2022, there were 2.65 detected fraud cases per 100,000 transactions. That number jumped by nearly 47% in 2023 to 3.89, and rose another 43% in 2024, reaching 5.57 cases per 100,000 transactions.

“The 43 percent increase in fraud attempts last year is not just a bump in the statistics – it reflects a growing threat to society. Behind every fraud attempt is a person at risk of losing their savings, their trust in others, and sometimes their entire sense of security. For banks and organizations, this also creates significant and costly burdens. Every fraudulent transaction we stop is a small win for everyone, but these wins require fast action, constant adaptation, and collaboration. Criminals are not waiting for regulations to catch up, they innovate quickly and without constraints,” says André Moen Eide, Head of Tietoevry Banking's defence centre.

The report also shows that in 2024, cases involving money mules for the purpose of money laundry rose significantly, especially affecting young adults. Most individuals involved were in their 20s, and over 80% were male. Criminals increasingly targeted young people through social media, fake job ads, and peer influence, exploiting their financial vulnerability and lack of experience. There was also an increase in victims of investment scams unintentionally becoming money mules.

About the report
Tietoevry Banking's “FinCrime Insights Payment Fraud Report 2025” analyzes comprehensive data from nearly 200,000 fraud cases and over 3.7 billion card and account transactions across multiple countries, including approximately 2 billion transactions from Norway, 1 billion from Sweden, and the remainder from Denmark, Finland, Germany, Spain, the United Kingdom, and Ireland.

To learn more or to download the full report, please visit: FinCrime Insights: Payment Fraud Report

For more information, please contact
Tietoevry Newsdesk, news@tietoevry.com, +358 40 570 4072  

About Tietoevry Banking
Tietoevry Banking is the market-leading provider of financial SaaS solutions for the Nordics and beyond. With 3,400 dedicated experts and customers in 60 countries, we deliver solutions for payments and card value chains, financial fraud prevention, lending, and wealth management, as well as a banking-as-a-platform. By combining decades of experience with our modular, scalable, and secure solutions, we empower financial institutions to unlock significant value, and rapidly adapt to market changes, meet regulatory demands, and deliver exceptional customer experiences. Tietoevry Banking is a specialized business unit of Tietoevry; the group’s annual turnover is approximately EUR 3 billion. Tietoevry’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs.

For more information, visit www.tietoevry.com/banking