Financial Crime World

Identity Theft Goes Unpunished in Financial Transactions in Switzerland

Despite being known for its financial stability and security, Switzerland lacks a specific law criminalizing identity theft. This is in contrast to some of its neighboring countries where such an offense is considered a serious crime.

While there isn’t a specific law addressing identity theft, perpetrators may still be held accountable under other criminal offenses. For example:

  • Defamation or Slander: If the impersonator uses the stolen identity to damage someone’s reputation or honor, they can face defamation or slander charges.
  • Data Theft and Fraud: Unauthorized access to computer systems and financial exploitation can lead to charges of fraud.

Proposed Changes

The Data Protection Act is currently being revised to include a new provision specifically addressing identity theft. This new law would:

  • Make Identity Theft a Serious Offense: Anyone using another person’s identity without consent for personal gain or harm will face a maximum one-year prison sentence or fine.
  • Require Prosecution with Complainant’s Consent: The prosecution of such cases can only occur with a complaint from the affected individual.

Timeline and Impact

It is unclear when these changes will take effect, but experts believe it’s only a matter of time before identity theft becomes a more serious offense in Switzerland. Until then:

  • Seek Legal Advice: Individuals who have fallen victim to this type of fraud are advised to seek legal advice.
  • Report Incidents: Report any incidents to the authorities to help combat identity theft and protect your financial well-being.