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FINANCE

Swedish banks ‘well-equipped’ to weather financial crisis

Following the week’s turbulence in the financial markets, Sweden’s Swedish Financial Supervisory Authority (FI) and the Riksbank met with members of the Riksdag’s finance committee to discuss the crisis.

“Our Swedish banks are well-equipped,” said FI’s deputy head Erik Saers.

“This development has two sides, in part we’re seeing falling asset values, but we’re also seeing that interest rates between banks have risen and the cost is passed along to the consumers. Our banks have managed well so far but now a second wave of financial problems is coming, but our assessment is that [the banks] are still well prepared.”

According to First Deputy Governor Irma Rosenberg, the Riksbank is following developments closely.

“We have good information on it and we are prepared to do what is needed if it is needed,” she said after with the Riksdag’s finance committee.

According to her, the Swedish financial system is still in satisfactory condition.

“The daily lending market, that is to say, banks lending to one another, has been working and the banks have been able to finance themselves on the Swedish market and internationally,” said Rosenberg.

The world’s large central banks are today working together to pump money into the financial system in order to improve liquidity in the money markets.

According to Reuters, the European Central Bank, Bank of Japan, Swiss National Bank, and the US Federal Reserve are involved.

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MONEY

How to avoid falling victim to tax scams in Sweden

Sweden's tax agency, Skatteverket, warns of an increase in scams when it's time for Swedish tax-payers to declare their taxes.

How to avoid falling victim to tax scams in Sweden

Anyone who earned more than 22,208 kronor last year received their tax returns digitally last week, marking the start of tax season.

That also means an expected peak in tax-related scams, Skatteverket warns.

Most of the scams are so-called phishing scams, meaning attempts to steal the victims’ personal information. Fraudsters may for example email a person, pretending to represent Skatteverket, and ask them for, among other things, their banking details.

“We’re seeing these in all channels. They use fake emails, SMS, letters and in some cases even phone calls. It is particularly common in tax declaration times – just when we’re about to send out the tax returns, the e-service opens and it’s possible to declare – but above all when it’s time for tax rebates,” Jan Janowski, a Skatteverket expert, told Swedish news agency TT.

A scam email might for example state that you’re entitled to a tax rebate and that you should click a link to receive it. Don’t click any links, open any attachments or reply to the message. Skatteverket advises that you immediately delete the email or text message.

Another common scam is that you receive a text message claiming to be from Skatteverket, telling you that you owe them money and you need to log in to calculate the amount. The website you’re urged to log in via does not belong to Skatteverket. Don’t click the link.

The agency stresses that it never asks people for their banking details. The exception is that you may be asked for your bank account information if you log into Skatteverket’s website to declare your taxes, but that always first requires you to log into the site.

To receive your tax rebate, you need to inform Skatteverket of your bank account number. You do this not by clicking a link in an email or SMS, but by logging into their website using a digital ID, for example BankID, and submitting your details. Only do this on your own initiative. If someone calls you and asks you to log in with your BankID during the phone call, don’t do it. That’s another common scam.

Skatteverket will also never call you to ask for your bank account or credit card number.

It will be possible to declare your taxes from March 19th. You’ll receive any tax rebate you’re owed by mid-April or early June, depending on when you submit your tax return. These are the dates when fraudsters are likely to attempt the most scams.

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