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Fraudulent Transactions in Swiss Banking: Who’s Liable?

The rise of online banking and credit card transactions has led to an increase in fraudulent activities, with scammers targeting vulnerable individuals. According to the Swiss Banking Ombudsman, the number of such incidents has risen significantly over the years.

Banks’ Liability

In most cases, banks are only liable if they can be proven to have breached their contractual responsibilities. If customers fail to perform due diligence, such as logging out of online banking portals or sharing login information with third parties, liability for the loss typically falls on them.

• However, when it is unclear who is at fault, the bank may still be required to cover the loss.
• According to Harald Bärtschi, a lawyer at the Zurich University of Applied Sciences, “If it is impossible to prove that either the bank or the customer failed to perform due diligence, and the cause of the incident is unclear, then the bank may have to cover the loss.”

Banks’ Terms and Conditions

Swiss banks often include liability exclusions in their terms and conditions. However, these clauses are subject to interpretation, and customers should carefully review them before signing up for a financial service.

Insurance Coverage

Having insurance coverage can provide peace of mind in the event of fraudulent transactions. Personal cyber insurance and legal insurance offers may cover losses resulting from online fraud. However, it is essential to understand what each policy covers and to purchase insurance before an incident occurs.

Protecting Yourself from Fraud

To protect yourself from fraud, it is crucial to handle sensitive information carefully. Phishing remains a common tactic used by scammers to obtain login and credit card information. By recognizing and avoiding phishing attempts, customers can significantly reduce the risk of falling victim to fraudulent activities.

• Stay informed about the latest widespread fraud schemes through online platforms or bank websites.
• Keep software updated with the latest updates and use antivirus software on all devices to provide an extra layer of protection.

Conclusion

While banks may not always be liable for losses resulting from fraudulent transactions, customers should still take steps to protect themselves from these scams. By understanding their contractual obligations and liability clauses, as well as having insurance coverage and taking precautions to prevent fraud, individuals can minimize the risk of financial loss.