Online Fraud Incidents Double in Iceland, Elderly Increasingly Targeted

Alarming Rise in Cybercrime

Online fraud incidents in Iceland have seen a dramatic increase, with figures for the first four months of 2025 already matching the total number of cases reported throughout all of 2024. This significant growth highlights a concerning trend, as criminals employ increasingly sophisticated methods, often specifically targeting vulnerable populations, particularly the elderly. The financial toll has been substantial, with over 200 million krónur lost to cybercrime in the first half of the year alone, according to data from the National Commissioner of Police.

Vulnerable Targets and Financial Losses

The surge in online fraud has disproportionately affected older individuals, a pattern explicitly noted by authorities. While specific statistics for elderly victims in Iceland are not as detailed as some international reports, the trend of criminals targeting this demographic is clear. Between early March and mid-May 2025, approximately ISK 100 million was defrauded from individuals and businesses. This indicates a rapid escalation of fraudulent activities, prompting urgent warnings from banking experts and law enforcement.

Prevalent Fraud Schemes

Icelandic authorities have identified several common types of online fraud currently being perpetrated. These schemes often exploit trust and leverage technology to deceive victims:

• Advance Payment Fraud: This is the most common form, accounting for 26% of reported cases, where victims are tricked into sending money or goods that are never received.
• Investment Scams: Often involving promises of high returns, particularly with cryptocurrencies, these scams were the second most common, affecting 20 victims in the first half of 2025.
• Impersonation (CEO Fraud): Criminals pose as managers or suppliers to trick staff into transferring funds or data, sometimes even using fake Icelandic company domains.
• Telecommunications Scams: Callers impersonate bank staff or official authorities to gain access to personal information or funds.
• Email Fraud: Scammers send emails resembling legitimate sources, such as tax authorities or financial institutions, often containing malicious links or imitating high-ranking officials like the Police Commissioner.
• Love Fraud (Romance Scams): Criminals build fake online relationships to gain trust and exploit victims financially.
• Electronic ID (eID) Misuse: Individuals are asked to approve eID authentication without initiating any login, a tactic to gain unauthorized access.
• Screen-Sharing Scams: Fraudsters offer 'assistance' and persuade victims to share their computer screens, thereby gaining access to sensitive information like email and online banking.

Official Warnings and Prevention Measures

The National Commissioner of Police and the Capital Area Police have issued strong warnings, emphasizing the increasing sophistication of cybercriminals. Brynja María Ólafsdóttir, a compliance specialist at Landsbankinn bank, highlighted the importance of immediate action upon suspecting fraud. Authorities advise the public to remain cautious and vigilant, urging individuals to contact their bank immediately if they suspect fraudulent activity. They also stress that people should never approve electronic ID requests unless they are absolutely certain of the source and should be wary of unsolicited offers for cryptocurrency investments or requests to install remote access software.

Continued Vigilance Required

The sharp increase in online fraud underscores a growing challenge for individuals and businesses across Iceland. With criminals constantly evolving their tactics, continuous public awareness and proactive measures are crucial to mitigate the risks and protect against financial exploitation, particularly for the most vulnerable members of society.