Tackling fabricated income information in Sweden


Tackling fabricated income information is a pressing challenge for financial institutions. Approving loans based on seemingly legitimate income data, only to discover it's entirely fabricated, has become all too common, exposing lenders to significant risks.

The Swedish Tax Agency (Skatteverket) recently reported a staggering 150 million SEK in fabricated income information for 2023 alone, highlighting the urgent need to address this growing problem. Maria Eriksson, a section manager at the Tax Agency, emphasized that if this fabricated information had been approved, it could have been used to commit fraud against paying authorities, banks, and creditors.

The real cost of income fraud

For banks and financial institutions, the implications of approving loans or credit based on fabricated income information can be severe:

  • Financial losses: Fraudulent loan applications can result in significant financial losses.
  • Trust erosion: Approval of false information undermines trust between banks and their customers.
  • Regulatory scrutiny: Institutions may face penalties for failing to detect and prevent such fraud.

How Monthio helps prevent income fraud

To combat these challenges, Monthio's income verification solution can be used to significantly reduce the risk of falling victim to fabricated income information. Here's how: Monthio utilizes Open Banking to examine the actual incoming transactions on a customer’s bank account. In combination with income information from Skatteverket, this data can be used to detect fraudulent income reports where money never moves from one account to another.

With the traditional methods, verifying income means dealing with piles of paperwork and waiting days or weeks for a response. Additionally, it is all too easy for errors to slip through, given the reliance on documents that customers provide, which can easily be manipulated.

Now, things have changed. With open banking, verifying someone's income only takes a few clicks. Customers simply connect their bank accounts, and instantly, we can provide a full, up-to-date picture of their income streams. Our Income Verification solution retrieves accurate applicant information from trustworthy data sources, and we ensure that you get the real story behind the numbers.

Furthermore, Monthio is enhancing the reliability of income verification for lenders by cross-referencing data from multiple sources to ensure accuracy and reducing the risk of fraud. This helps in making faster, better-informed decisions, confirming that the income reported matches what's truly in the bank accounts.

This isn't just faster; it's also more secure and more reliable. Monthio’s approach cuts through the complications, offering a straightforward, trustworthy process that benefits everyone involved. Now, contrast this with the old way of making decisions based on gut feeling and unverified information, risking fraudulent loan approvals and inaccurate assessments of creditworthiness. With Monthio, such guesswork is a thing of the past.


Fabricated income remains a pressing issue, threatening not just immediate financial losses but also long-term trust and compliance. While traditional methods provide a basic shield, the evolving sophistication of fraud requires more advanced solutions. 

Ready to upgrade your defence against income fraud? Contact us today, and let us show you how secure and straightforward verifying income can be.

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