Payment-related frauds and scams are a growing phenomenon – Financial Supervisory Authority investigation reveals scope for improving security of banking transactions

Based on a survey of banks conducted by the FIN-FSA in 2023, banks have, for the most part, identified and implemented the key aspects of online payment security appropriately. 

 “Online banking, mobile banking and online payment security as well as strong customer authentication technology solutions need to respond to new security threats in electronic payments. Our investigation reveals that this is generally the case, but since the race against criminals is intense, it is necessary to implement all possible measures in security solutions,” says Samu Kurri, Head of Department.

Banks have means available to improve the security of online transactions, which the FIN-FSA encourages them to use. Payment service users have the option to set more versatile payment security limits for card payments than for credit transfers and payments made via online and mobile banking. The FIN-FSA recommends that banks develop controls for online banking and mobile payments so that users would have the option to set more versatile security restrictions on their credit transfer -based payments. Such restrictions include, for example, geographical restrictions on payments and daily or one-time usage limits for payments.

Furthermore, the FIN-FSA recommends that banks develop their payment monitoring so that they could more precisely block payments that differ significantly from the customer’s previous payment history, for example according to the recipient or the size of the payment. In these cases, it may also be necessary to request an additional confirmation of payment from the customer in a sufficiently informative manner.

 “It is also important to provide information about different types of scams and to guide customers on secure online transactions. Banks must continue to communicate actively through various channels about the security threats to their services and continue to remind and guide customers on how to use their electronic services securely,” says Kurri.

Users of services also bear responsibility

Banks are responsible for the security of the services they offer online, but the FIN-FSA reminds consumers of their own responsibility and of the security practices worth keeping in mind when making online and mobile payments.  

When using online services, customers should be suspicious and also remember that banks or authorities will never ask for their bank credentials or payment card information by phone, email or text message. Customers should also be careful about clicking links. Bank credentials should never be used to log in to services via links in messages. Links even in genuine-looking messages may lead to a fake website and online banking credentials falling into the hands of criminals. 

The risk of online banking credentials falling into the wrong hands can be reduced by using, for example, other strong identification tools, such as a mobile or citizen certificate, when identifying yourself to official services.

A so-called digital identity wallet application for mobile phones is currently being developed in the EU. In the future, it will be possible to use it for digital authentication of identity when logging into both public and private online services throughout the EU. 

For more information, please contact

Samu Kurri, Head of Department. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, Mon-Fri 9.00–16.00.