Confident You're Safe from Fraud? New Data Shows Swedish Firms Are Losing 24% of Their Revenue.
Swedish businesses are known for their digital maturity and security, thanks in large part to the widespread adoption of robust eIDs like BankID. However, a new report reveals a troubling paradox: while 80% of companies believe they are winning the fight against fraud, the same companies are losing nearly a quarter of their annual revenue to it.
If the defenses are so strong, where is the money going?
The BankID Blind Spot: How Success Creates a New Vulnerability
The confidence in BankID is well-founded. It is one of the world's most effective tools for digital identification and has forced many bad actors out of the market. But this success has created a dangerous blind spot. Fraudsters know it’s pointless to try and break down the digital front door. Instead, they are now looking for unlocked side windows in the customer journey—and they are finding them.
Our new report, "Battle in the Dark: Sweden," reveals that the biggest threat is no longer a direct attack on BankID, but rather the weaker points before and after the initial identification.
The New Loopholes: Where Fraudsters Are Striking Now
As strong eIDs have become the standard, criminals have adapted their methods. Our data points to two critical areas where Swedish businesses are most vulnerable.
1. Document Forgery is the New Normal
The most alarming finding is that Sweden has the highest rate of document forgery (46%) in all of Europe. When an eID cannot be used, fraudsters turn to forged ID cards, payslips, or other documents to either create new accounts or take over existing ones. This clearly shows that relying on a single line of defense is not enough. Identity fraud in Sweden is now happening on paper.
2. The Attack is Happening After Login
Many believe the danger is over after a successful login. The data shows the opposite. Our data shows that the danger is far from over after a successful login. A full 39% of fraud occurs at the transaction stage, with another 31% happening at the point of login itself. Most remarkably, Sweden has the highest rate of fraud discovered post-transaction (11%) in Europe. This proves that fraud is happening in real-time without being detected, and the losses are often not visible until it’s too late.
Conclusion: It's Time to Look Beyond BankID
This new reality—a combination of widespread document forgery and attacks late in the customer journey—is the direct cause of the shocking 24% revenue loss. The problem isn't BankID; the problem is the lack of visibility and control over the entire customer flow. By implementing robust document verification and continuous, real-time monitoring, you close the profitable security gaps that fraudsters are actively exploiting.
This data reveals a critical gap between perception and reality in the Swedish market. To get a comprehensive view of these emerging threats and learn how to build a truly complete defense, download the full 'Battle in the Dark: Sweden' report below