In today's digitized world, the finance industry is a tool for profit-motivated economic crime. That means that banks and others are misused in order to undertake this type of crime.
Economic crime
Types of economic crime that the bank is, and can be, subjected to: (highlighted text is discussed in more detail)
- Internal fraud and corruption
- Identity abuse
- Money laundering and terror financing
- Fraud and acquisitive crime
- Computer crime
- E-mail scams
- Fake online banks
- ICT attacks
- Crypto currencies
- Different types of payment scams
- Invoice fraud
- Illegal payment network/fundraising
- Document falsification
- Online card fraud
- Data theft and e-commerce
- Insurance fraud
Internal fraud and corruption
Internal fraud and corruption are included in the Code of Conduct (pdf).
Money laundering and terror financing
Money laundering is to either place, cover up and/or integrate funds resulting from/to a criminal act. In banking, it is easiest to discover activity in the
placement phase by picking up suspicious transactions. Terror financing includes the collection, obtaining or receiving of funds for the financing of terrorist acts. The Bank is subject to rules on money laundering and terrorist financing, as well as reporting to the authorities. In that regard, staff training has been conducted to combat this type of crime, and updating on changes to the crime picture in respect of economic crime is implemented on an ongoing basis.
Computer crime
Today, almost all larger companies are exposed to computer crime such as virus attacks, hacking and other types of ICT scams. The Bank has preventative antivirus programmes that we use internally and recommend to customers with online banking and mobile banking. In an effort to prevent the Bank's network from being attacked, we have participated in exercises, including disaster exercises, together with other alliance banks.