Anyone can fall for an online scam
With financial fraud attempts on the rise, we need to focus more on cybersecurity.
You can report online fraud by sending us an email at netsvik@arionbanki.is.
With financial fraud attempts on the rise, we need to focus more on cybersecurity.
You can report online fraud by sending us an email at netsvik@arionbanki.is.
Cyber fraud has become one of the most extensive criminal activities in the world, alongside illegal arms trade and drug trafficking.
Cyber fraud has grown significantly in Iceland over the past few years, particularly now that capital controls and language barriers no longer hinder criminals.
Age | Percentage of those who experienced online fraud |
|---|---|
Younger than 20 years | 3.3% |
20 - 29 years | 13.2% |
30 - 39 years | 19.5% |
40 - 49 years | 21% |
50 - 59 years | 16% |
Older than 60 years | 27% |
Federal Bureau of Investigation, 2024
It is crucial to be vigilant against various fraud methods and know how to avoid them.
If you believe you have been a victim of online fraud, please contact us immediately by phone at 444 7000 or by email at netsvik@arionbanki.is. Outside regular business hours, you can contact the cardholder service desk at 525 2000.
We also remind you that in the Arion app, you can always freeze your credit card to prevent further misuse.
Never share your username and password or PIN for your accounts with others. Also, never share SMS codes with anyone. It's good practice to never use the same password in two different places.
Never share card details (card number, expiration date, CVV number) on social media, over the phone, in emails, or via SMS.
If you receive an email about a login to the Arion app that you don’t recognise, act quickly by updating your app’s security settings and removing any unfamiliar devices.
Be vigilant about login requests with electronic identification. Think of your electronic ID like a wallet.
If someone asked you to hand over your wallet, your first thought would be to refuse. The same goes for your electronic ID.
If you receive an email, SMS, or phone call from someone with payment instructions, it's good to contact the individual, company, or institution to verify whether the payment is actually legitimate.
Take your time and never give in to pressure from third parties.
Cybercriminals use a range of tricks. They may, for example, withdraw small amounts from people’s cards, so the activity is harder to notice. Keep an eye on your transactions and report anything suspicious right away. You can also freeze your card in the Arion app or by calling 444 7000.
You can report online fraud by sending us an email at netsvik@arionbanki.is.
Depending on the circumstances, you can also report it to the police by calling 444 1000 or by sending an email to cybercrime@lrh.is.
You can learn more about online fraud on the following websites:
Arion Bank's fraud watch team supports customers who experience fraud. The team works closely with both the bank’s internal control unit and Rapyd.
The team also monitors for suspicious transactions and contacts customers if anything unusual is detected.
The fraud watch service is open on weekdays from 9:00 to 22:00 and from 10:00 to 22:00 on weekends and public holidays. You can get in touch by emailing netsvik@arionbanki.is.
"The safety of customers and staff is extremely important to us. Our vision is that without targeted education and awareness, it's difficult to reduce the cyber threats we face today. Therefore, we believe that education and training are key to building a more secure digital environment for both individuals and businesses."
"All kinds of people fall victim to online scams. Arion bank's fraud watch works in close collaboration with security experts, and we have managed to prevent many financial losses through effective monitoring and good communication with customers."
"If you receive a notification about logging in, a request for a transfer, or a request for information through social media, and you don't recognise their origin, it's likely an attempt at online fraud. It's therefore important to pause when we receive such messages and make sure not to do anything in a hurry!"