Online fraud in Iceland has surged sharply in the past year, with criminals using increasingly convincing methods, and, in some cases, even visiting victims’ homes.
As reported by mbl.is, the largest confirmed loss from a single individual now exceeds ISK 50 million. This is according to Brynja María Ólafsdóttir, compliance specialist at Landsbankinn.
Speaking at a seminar on violence against the elderly, Brynja said that reports of fraud have doubled year-on-year, with more than half a billion krónur stolen from Icelandic accounts so far in 2025.
“Sometimes I think I’ve seen it all, but then something new always comes up,” she said, adding that many cases go unreported due to embarrassment or shame.
Fraud on the Rise 
Photo: Helgi Halldórsson. Wikimedia. CC.
Landsbankinn has logged nearly 1,100 fraud-related cases this year, with financial losses recorded in almost one-third of them. The bank has managed to recover over ISK 100 million through prompt intervention.
Brynja warned that older people are often targeted by scammers who exploit loneliness or trust, including romance scams, fake investment opportunities, and fraudulent social media advertisements.
One recent case involved a fake ad featuring geneticist Kári Stefánsson, used to promote bogus “vitamin cures.” Around 200 people entered their card details before the bank intervened.
Other schemes include fake billing emails impersonating electricity companies, text messages claiming to be from the Tax Office, and elaborate phone scams in which fraudsters pose as bank employees or tech support staff.
“The rule everyone should follow is simple. Never click on links in emails or text messages,” Brynja advised. “If a bill really needs paying, go directly to your online bank or the company’s official website.”