Thank you. Yes. Hello everyone. Great to see you here. Six o'clock we got in the basement, but great to to, to stick around. So I'll talk a little bit about the shut landscape.
So, but my name is Jon Bra. I work with expansion to new markets with bank id. So we are a tech company out of Stockholm, Sweden. And just to connect to, to what you guys were saying there, you know, so we are a tech company providing our technology to banks who actually issue their identity, which I think is, is, is similar to that. So I I just a few words before I start talking a little bit about how we work with fraud and on that level.
And, and this is our sort of bragging slide that we used to show all the transactions that we do and all of these things. And, and it is an amazing thing and, and I, I was here speaking last year and I I went back to look what, what, what did I say back then? So of course our number of transactions are up 6.27 billion transactions and these kind of things. But what I think is super cool with this is that since we, I was here last time, I talked about we had 5,000 something relying parties in different industries.
And now one year later we have this last month's number, 6,500 different in industries companies connected to our platform. And, and that is the thing of beauty.
So essentially what does it mean? It means that, you know, the Swedish typical suite uses our services in everyday life in all different types of services You have the, the governmental services, but of course a lot in banking, payments, all of these things. But today it's used for, for everything else that is not regulated either.
So like digital mailboxes, e-health, my, one of my favorites is like short term leases of for cars, you know, I can even log into my local gym using bank id. So of course why is that?
Well, I think that I'll come back to that in my presentation because it's, it is available, it's easy to use also for non-regulated industries. So, but this is the sort of the beauty o of, of it. But of course the talk of today is sort of the flip side of digital society. And as Sweden is a fairly advanced digital society, you know, we basically don't use cash.
It's a cashless society.
And I, I was talking to one guy, a German guy up here just before coming down, and he said, in Germany we love cash. I I like that statement.
I said, I will remember that one. But in Sweden there is basically no cash. And last year, 2022 was the first year where we had zero bank robberies in Sweden, zero. And I guess that is, goes back to when banking was invented. So that is a, a really cool thing. But of course criminals have moved online.
So, and you know, all these fraudsters, criminal networks, they are becoming more and more good at what they do. So in terms of the, the patterns, the motors that they use.
So, and that is of course increasing massively. So, and, and this is something that we have to tackle. And not only that we also see a, a huge increase, but of course criminals don't care about borders.
You know, they will attack, they will find the weaknesses in the solutions that we have. And one major weakness is us the user, you and me. So of course this is scenario and in Sweden, citizens put a lot of trust into governments and, and authority. And this is for good and bad when it comes to, to fraud.
And I'll, and I'll come back to that a little bit. So, so this is a reality and I'll, I'll talk about two live cases here and then come back a little bit to, to what we do on a, on a high level. But first of all, of all, I mean that we do all these types of things online and this is a live case that how we could secure online purchases. And this goes back a few years where this company they were doing now typical online checkouts, not using bank id and they were targeted by large scale for attacks.
And then they had this one incident where they lost 1000 smartphones in one attack.
And, and that's like, ah, you understand million euro plus loss in, in one single event. So that of course cost some concerns in this company. So we got involved and looked through and and advised them to start using bank ID for all their purchases online to do we do a transaction signing of those.
And, and this is, you can see the, the, the yellow arrow here. And so, so that started, and I think this is a, a key thing. I mean you all have been there, you know, when, where you have these discussions like, we cannot add friction into our flow, you know, we have to do conversion conversions cannot go down and, and all of these talks. But looking at this and, and the, the trends after is that the increase of business was 400% to coming two and a half years and continuing, and the com customer reported back, they have zero fraud on this modest moving forward.
So of course a tremendous case.
And I think there's many things about digital identity, but I think this is one thing that I personally see is that, well it's, it is a secure solution. You have to have a secure solution, but we also manage to have a user experience that is good and that it does not hamper the, the conversion rates for, for doing these online purchases. And I think these numbers speak to that and not only this, I think another aspect of this, this also re reduces the support. So typically when you add this, they also reduce support when it comes to handling passwords and, and, and these kind of things.
So that was the one example. The other example I think is also a common one, not only for Sweden, looking back a few years, we had quite high frauds when it come to debit cards and credit cards frauds.
And back in 2019 all major banks introduced the, the signing the bank ID service for, for signing transactions. And you can see the dramatic drop in credit card frauds. And you also see of course with a significant growth in our numbers in terms of, of transactions has been tremendous.
But again, the, the real thing here is that the, the, the frauds are going down and I, I met with that credit card company here just a few weeks back and basically they were saying that, you know, looking at the numbers they had in Sweden, it was zero point something percent fraud. And they said, well, you know, typically in other countries are single digits frauds or even up to double digit frauds in some countries.
And, and they were saying like, you guys solve it, you, you solve the problem. And, and my response to that, that we didn't solve it, but we're fighting it and we're fighting it every single day.
And, and that's I think what, what the commitment is for us because it is not that we are a huge target when it comes to, to the sort of digital infrastructure of Sweden. And there's these different aspects of it because as I mentioned, I mean the first thing that comes to mind is of course we, we have never been hacked, so security runs through everything. So for 20 years of operations we've never been hacked. So as I mentioned before, they will go after the users. So finding the weaknesses in the system.
So these are the three main use cases that we really need to protect and that is our mission. And of course now I just fast click them all, but starting off with the first one is of course that if you would get access, if the EID is issued to the wrong person for a fraudster, I mean that's the goal and key.
You have 6,500 services, I can do whatever with that. So of course extremely important to protect and work a lot about how we to ensure that. But if we manage to, to do that.
Secondly, of course fraudsters will go after the user, you know, fooling them into doing authentication signings that they don't want to do. And of course this social engineering, you know, know about this, but it's very effective.
They, they are very professional in doing this and utilizing, as I said, sort of the, the trust that is in the system. But even if we would manage to cover the one and the two, there are actually those who participate that they have the right e i d but they participate in in criminal activities as the first party fraudster. So this will also need to protect cuz typically they, they would take out a loan and then claim ID theft or or or things like that.
So this is, you know, we are constantly being challenged here and as I said, it is not that we have fixed it, we are working on this every single day. So looking back, what is it we need to sort of work through the whole different parts of what we do, you know, in securing continuously to improve the securing of onboarding like we heard in the previous discussion, you know, having secure ways of doing that, you know, not protecting our users to, so this transactions are not stolen.
We have to ensure that it is easy for our users to understand what they're doing and protecting them from not doing the, the wrong thing, protecting its data. We also, of course have to make it easy to integrate, which we, I think we have managed the 6,000 services plus is proof of that.
But last but not least, then of course we are working heavily with the risk and fraud part of, of this, and this is a big part of our investments nowadays to risk all, all this is transactions both for issuing, for authentication and signing and also then to give fraud analytics tools capabilities to, to the banks.
And I just want to finish off here, of course there's tons of things that we do here that is a little bit difficult to talk about in open space. So what we can in in more one-to-one discussions.
So I I hope that at least get the glance of it and I think that we also provide the banks with tools to help them to work with law enforcements. So we actually do get criminals caught and we do, are able to process them and get them convicted. And I think that is also sort of an involvement evolvement of a digital society. You also have to sort of educate law enforcement and how to prosecute criminals in a digital world. And we do that and we are able to, to also convict them around digital identities.
And so I just wanna finish off, we, we have actually a webinar next week where we go into little bit more into those details. So check that out if you are interested to learn a little bit more in detail. And also our CISO will talk a little bit about what you do when you get a massive DDoS attack, a massive attack from yeah, probably a state somewhere that is not liking Sweden anymore. So with that, thank you very much for listening.
See you soon.
Thank you very much Jonas for this very nice presentation. Before we jump into the next presentation, are there any questions from the audience?
J just,
Hello. So I was in another presentation and they talked about the next EU d I wallet. Yeah. So if you have invested so much in your infrastructure and now in two years there will appear this new ecosystem thingy, how, so what is your roadmap and how important is it for your strategy to run this like both infrastructures in the same secure way? Because I think it's not like now you have to change, it's like it'll be a hybrid thing.
So, and how can you do this? Especially if the EU wallet is not directly in your control? I would say yeah,
Yeah, thank you.
First off, yes, it, it is very much on our roadmap. Of course we are taking part in two large gate pilots of eu, the E W C and the DC for you.
So for us, yes, we, we will have to, I mean if this now legislation go through and, and the we have to deliver the service, we will be a mobile wallet there. And I think that as you point out, there's been a massive investment in the whole of Swedish society to achieve this. So the migration has to be over years once that is coming live.
So, and I think there is also, I, I like the, the aspects here of the speaking before that there are contradictions in that, you know, which I see how, how to, because it's not only the sort of banks have the AML and these requirements, but also it is a fragile, you know, leaving it all up to the user. And I think as, as I mentioned, the massive investment we do nowadays is on the risk and fraud side.
So, so protecting the users and so yeah, there is things that needs to be sorted out I think coming years. But for sure, I mean it, it it is something that we, that we we will be working on and con contributing into as well now.
So hello, you mentioned that the European Union legislation is maybe behind, so are you heavily in involved with, with lobbying and, and making, making them understand what, what it takes?
So
I mean, the honest answer is we are a tech company, we are not lobbyists, so, but I, I guess that, you know, we, our customers today are banks, so of course there is an aspect of that. But no, I mean we, we are a tech company so we, we are not part of, of sort of legislation or that type of, but I guess again, Sweden is part of and also taking part a lot in, in, in these large-scale pilots and we work closely with Swedish government when it comes to digitalization.
So what about other companies? Are you cooperating with other companies on, on that area to, to make the legislation work?
Yeah, I think there's a lot of of companies that are involved and I think that that is what's needed. I think collaboration is really needed both on sort of fighting fraud. I mean for sure there's, there's where we really need to collaborate and collaborate across borders.
So yeah, but it is, it is interesting times ahead. Thank you.
Thank you very much. Before we go to the next topic, one last question.
Thanks for the talk, Jonas. Very good. Maybe another question is what were the, what, what were the sort of two or three success factors for your success?
Well, I, I think there as a, as a touched on there are, I, I'm
Talking from the market here, so not from technology. I'm, I'm pretty sure you're doing good.
Yeah, understand.
Yeah, I, I think we have had a quite a long history, you know, and, and we, we started 20 years ago, so that, that was in the beginning trial out. So I think the key, one key thing for me at least is the smartphone. So when we went mobile phone, because before we had IDs on cards, which again comes back to the usability, very difficult to use, you should enter the card pin, have it to the computer. So I think that is a key thing.
And then of course we, we, we did have governmental agencies using it and then also, so both private and public and in our case then banking finances is a big, big industry. Even if we, we have defined now I think we have 23 different industries that we have defined as, as, as customers. But the combination of pri both private and public, I think was key for us. And then we found this in Sweden as part of this cashless society, this killer app with for pair tope payments, which really then took off.
Yeah, so, so a few of, of those milestones. But then I think another re super cool thing was that we thought that we have this re really mature ecosystem, you know, couple of thousand reliant parties and then came covid and then was this next jump, right? Was was unexpected. Yeah. Thank you very much. Thank you for the very nice talk.
