Here is the rewritten article in Markdown format: Banks in Switzerland Take Steps to Prevent Fraud
Swiss companies are not immune to fraudulent activities, which can lead to substantial financial losses. In recent times, fraud cases have been on the rise, and it’s essential for businesses to be aware of the warning signs and take proactive steps to protect themselves.
Common Types of Fraud
There are several types of fraud that Swiss banks are taking measures to prevent. Two common examples include:
- Business Email Compromise: Perpetrators gather publicly available information about a company and its employees before infiltrating their IT infrastructure or using phishing attacks. They then contact the finance department via email, claiming that a payment needs to be made urgently, and trick unsuspecting employees into making the transfer.
- CEO Fraud: Scammers impersonate high-ranking executives, such as CEOs or CFOs, and demand payments for fake transactions.
Measures to Prevent Fraud
To prevent these types of fraud, Swiss banks are taking steps to educate their clients on how to recognize and avoid falling victim to these scams. They are also implementing internal controls to detect and prevent fraudulent activities.
For instance, Credit Suisse Switzerland recommends that businesses:
- Make relevant internal departments aware of business email fraud and CEO fraud
- Avoid sole signing authority
- Encourage employees to report suspicious activity
- Check what information is published about the company and its employees
Urging Clients to Take Action
Banks are urging clients to file criminal charges if they are affected by fraud, even if they have not suffered any financial damage. In the event of an incident, clients should inform their house bank immediately, allowing them to take necessary protective measures and claim back a fraudulent transaction in case of loss.
About Credit Suisse (Switzerland) Ltd.
Credit Suisse (Switzerland) Ltd., part of UBS Group, is committed to providing its clients with the highest level of service and expertise. The company’s experts are dedicated to helping individuals and businesses achieve their financial goals through a wide range of products and services.
Disclaimer
The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction.
Contact Information
Credit Suisse (Switzerland) Ltd. P.O. Box CH-8070 Zurich credit-suisse.com