Financial Crime World

Swiss Media: Record-Breaking Financial Crimes in Switzerland in 2022

According to the latest KPMG Forensic Fraud Barometer report, Switzerland experienced a significant surge in white-collar crimes last year, resulting in a total loss of CHF 581 million. Let’s explore the details of this concerning trend.

Key Findings

  • 2.4% increase in cases (78 cases)
  • 15% jump in convictions

Private Individuals: The Most Targeted Group

Astonishingly, private individuals were the primary target, accounting for 40 of the 78 cases, with a total loss of CHF 119 million. This represents a significant leap from 11 cases and CHF 6 million in losses reported in 2021.

  • Targeted: Private Individuals
  • Total loss: CHF 119 million

Common Offenses

The most common crimes tried in court were:

  1. Embezzlement (14 cases)
  2. Insurance and social security fraud (12 cases)
  3. Scams (13 cases)

Other forms of white-collar crimes, such as bribery, financial statement fraud, and money laundering, also continue to be prevalent.

Regional Impact

Central Switzerland and Zurich were the regions most affected by financial crimes, impacting individuals and organizations alike.

Despite the pandemic’s supposed end, its impact on the economy is still being felt, with a noticeable increase in financial crimes. Factors leading to fraudulent activities include:

  • Job insecurity
  • Fear of job loss
  • Reduced benefits
  • Pay

The pandemic also led to an increase in remote work, providing new opportunities for data interception and credential theft.

Safeguarding Against Threats

With the potential for more pandemic-related white-collar crimes to emerge, it is crucial for organizations to remain vigilant and implement safeguards for their systems. Thorough investigations of COVID-19 assistance are also necessary to confirm the legitimacy of financial aid.

Conclusion

In summary, the KPMG Forensic Fraud Barometer report emphasizes that financial crimes remain a persistent threat in Switzerland, affecting not only financial losses but also society as a whole. Staying informed and taking proactive measures to protect yourself and your organization is essential.

Offenses trying in court

  1. Embezzlement: 14 cases
  2. Insurance and social security fraud: 12 cases
  3. Scams: 13 cases

Most affected regions

  1. Central Switzerland
  2. Zurich