Digital payment fraud across Europe climbed dramatically in 2024, according to a new report from Tietoevry Banking.
Analysing more than 3.7bn transactions and 200,000 fraud cases, the firm reported a 43% increase in attempted fraud compared with the previous year, driven in large part by AI-powered social engineering.
The findings point to a striking 156% jump in social manipulation scams and a 77% increase in phishing attacks over the past year. The proliferation of sophisticated methods—such as deepfake voice calls, AI-generated phishing emails and QR code scams—has made it increasingly difficult for both financial institutions and consumers to detect fraud in real time.
Tietoevry’s data also shows a consistent climb in fraud detection rates. In 2022, 2.65 cases were flagged per 100,000 transactions. That figure rose 47% to 3.89 in 2023 and surged again by 43% to 5.57 cases in 2024. The findings highlight an escalating arms race between financial institutions and ever-evolving cybercriminal tactics.
Tietoevry Banking defence centre head André Moen Eide said, “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.”
The report found a notable increase in money mule activity, particularly among young adults. Individuals in their 20s—more than 80% of whom were male—were increasingly lured into illegal money-laundering schemes through social media, false job offers, and peer pressure. In many cases, victims of investment scams were unknowingly used as money mules, further complicating efforts to trace fraudulent networks.
Several emerging forms of digital fraud were identified. Card fraud, often stemming from large-scale data breaches—especially among e-commerce firms in Asia—led to increased unauthorised transactions, particularly in travel and digital services. Token fraud, where stolen card details are linked to digital wallets without user consent, saw a rise in activity involving devices with Chinese-language settings and Asian IP addresses, with Italy highlighted as a key target.
Fake e-commerce sites have also become increasingly realistic, tricking consumers into providing sensitive financial information. These fraudulent stores are difficult to distinguish from legitimate ones, posing a growing threat to online shoppers.
Tietoevry’s “FinCrime Insights Payment Fraud Report 2025” draws on transaction data from across the Nordics and wider Europe, including nearly 2 billion from Norway, 1 billion from Sweden, and millions more from Denmark, Finland, Germany, the UK, Ireland, and Spain.
To access the full report, visit the FinCrime Insights: Payment Fraud Report page.
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