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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
Skatteverket will never ask for your banking details in an email. Photo: Janerik Henriksson/TT

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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MONEY

Sweden’s major banks cut rates on variable mortgages

The central bank's decision to lower the main interest rate on May 8th has led all four of Sweden's major banks to follow, dropping rates on variable mortgages.

Sweden's major banks cut rates on variable mortgages

In what will come as a relief for many Swedish homeowners, Sweden’s central bank announced on May 8th that it was cutting the key interest rate by 0.25 percentage points to 3.75 percent – the first cut in eight years.

Sweden’s four major banks – Nordea, Swedbank, Handelsbanken and SEB – responded by lowering rates on their variable rate mortgages by the same amount, 0.25 percentage points.

That means that Nordea’s new list rate – the maximum rate offered for new mortgages, with no discounts taken into account – will be 5.74 percent from May 10th.

Swedbank will be lowering its list rate by 0.25 percentage points to 5.69 percent, although there’s bad news, too: the bank is lowering interest rates for saving accounts by 0.20 percentage points.

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Handelsbanken’s new list rate will be the same as Swedbank’s: 5.69 percent.

“We’re continuously following these developments and are constantly adapting our offering to remain competitive in the long term,” county head of Handelsbanken Stockholm, Mikael Romert, said in a press statement.

Länsförsäkringar is also lowering its rates on variable term mortgages to 5.69 percent, a drop of 0.25 percentage points.

State-owned SBAB is not planning on lowering its rate, although product manager Lars Lindmark pointed out that the bank has lowered rates by around 30 percentage points since December last year.

“In that respect, we’ve pre-empted this announcement by the central bank,” he said. “We’ll have to see what happens. We’ll look at the interest rate market and how our competitors are reacting.”

“Having said that, further rate drops are never ruled out.”

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