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A fake video about a bank. A rumor about the Swedish krona. Manipulated investment advice on social media. Small incidents can escalate when they are amplified and spread, with consequences far beyond the individual. A new report from SSE shows how information influence and economic disinformation can undermine Sweden’s financial stability — step by step, level by level.

The report, Information Influence, Economic Disinformation and Sweden’s Financial Stability (Informationspåverkan, ekonomisk desinformation och Sveriges finansiella stabilitet), was led by Gustav Almqvist at the House of Governance and Public Policy at SSE and funded by the Swedish Psychological Defence Agency. The study draws on literature reviews, media analysis, and interviews with international experts.

“The modern market economy is built on trust – in banks, in the currency, in public authorities, and in one another. If that trust is systematically undermined, the economic consequences can be very real,” says Gustav Almqvist.

Threats on three levels

The report identifies risks at the micro, meso, and macro levels.

At the micro level, individuals are targeted through investment fraud, manipulated language models, or advanced AI-generated deepfakes. When many people are affected at the same time, the damage can spread and erode confidence in the broader system.

At the meso level, attacks target organizations – banks, companies, or public agencies. Examples include rumors that trigger bank runs, data breaches that result in fake press releases, or insiders who pass sensitive information to foreign powers.

At the macro level, the threats involve broad propaganda, conspiracy theories, and front organizations that shape public opinion. The aim may be to gradually weaken trust in the Swedish krona, fiscal policy, or key institutions.

“This is not only a national security issue. Individuals need to understand how they can become targets. Companies must actively strengthen their information security and crisis preparedness. And policymakers need to factor information influence into their work on financial stability,” Almqvist says.

AI is changing the landscape

One key conclusion is that rapid advances in generative AI make it easier and cheaper to produce convincing disinformation at scale. Fake audio and video clips, tailored messages, and automated distribution can amplify rumors and misleading information.

“Being a fraudster or hacker used to require significant time and effort. With the development of AI, they can now act much faster and at lower cost – soon almost entirely automatically. As a result, the number of attacks is likely to increase,” Almqvist says.

The report stresses that these threats are not only a matter for the state. The researchers propose a combination of educational initiatives, technical safeguards, and stronger collaboration between public authorities, the business sector, and academia. In an economy where payments, trade, and investments are largely digital, a rumor can spread as quickly as a transaction. Understanding how information influence works is therefore part of strengthening Sweden’s economic resilience.

For more information, please contact:

Gustav Almqvist
Research Fellow
House of Governance and Public Policy
Stockholm School of Economics
Tel: +46 70 778 12 42
Email: gustav.almqvist@hhs.se