New functions in Swish – here are the banks’ changes

New functions in Swish – here are the banks changes

Fraud is a problem that is growing exponentially. Last year, the number of reported frauds increased by 22 percent and the profits from crime increased by the same percentage, to SEK 7.5 billion.

It is most common with telephone scams. A common approach is for the crime victim to be tricked into giving the code to their BankID, or to wire a large amount of money.

The major problems have prompted several banks to take action.

Here you can read about how the big banks changed the settings for Swish to protect your money.

The police demanded force from the banks

But the measures have not been enough, and according to the police, it is the banks that enable the frauds due to inadequate controls.

– They have had ten years to create systems that put an end to the fact that every year we have tens of thousands of people who are affected because of their shortcomings, said Björn Silkheartgroup manager of the fraud coordination in police region Mitt, to TT in February.

After pressure from the government, the Swedish Banking Association (which includes 32 Swedish banks) promised to produce a package of measures against the phone scams, which was achieved on Monday.

– From the industry, we are now presenting a number of joint measures to increase security for customers and to prevent criminals from exploiting the financial system, says the Bank Association’s CEO Hans Lindberg in a press release.

This is how Swish can change – announcement from the major banks today

Hans Lindberg, CEO of the Swedish Bank Association. Photo: Anders Wiklund/TTS That’s how phone scams must be stopped

The Swedish Banking Association presented a series of measures to reduce fraud when it comes to Swish and electronic transfers using BankID.

Here are the changes in the package of measures:

Possible to introduce time delays of transactions

If the bank suspects that there is something wrong with a swish or transfer, it must be possible to delay it.

Set amount limits for payments and make changes to them securely

There should be a limit to how much you can swipe or transfer, and it should be harder to change that limit.

Offer extra control for payments

Customers must be offered an extra check before a transfer goes through. Through a notification that informs the customer about the transaction, that the transaction must be approved by another person or that the customer must call and explain the transfer.

– The customers can certainly in certain situations experience that it becomes a little more complicated, but it is in the customers’ best interests to strengthen security, says Hans Lindberg.

This is how phone scams are to be stopped – the Swedish Bank Association’s action package

Photo: Fredrik Sandberg/TT Then the changes are implemented for Swish and transactions

Some of the measures have already been introduced by the banks and this will continue in 2025.

– For security reasons, we have not reported the measures in detail. The banks can now implement it and it looks different in different banks. Exactly how is up to each bank and it will perhaps look different from bank to bank, says Lena Barkmanhead of communications for the Swedish Banking Association News24 and continues:

– We have not said that now everyone must do exactly this. There must be a space, but all member banks stand behind the package of measures and some kind of measures will be taken by all banks.

Do you have this mobile phone? Then you should not use BankID