Financial Crime World

Switzerland Wakes Up to Double Economic Crime Bill in 2020

Switzerland experienced a shocking increase in economic crimes in 2019. According to KPMG’s latest annual report, the average amount stolen from each crime doubled from CHF3.3 million in 2018 to CHF7.7 million last year. This alarming trend is causing numerous concerns for the Swiss economy.

Key Areas of Concern

  • Fraud cases exceeding CHF10 million: In 2018, there were only four reported fraud cases surpassing CHF10 million. However, by the end of 2019, that number tripled to nine.
  • 30% increase in incidents overall: The number of economic crimes saw a significant increase, with a total of 5,151 reported incidents in 2019.

Possible Explanations

  • Advanced cybercriminal tactics: The ease with which fraudsters can exploit technological weaknesses and the availability of financial resources make Switzerland an attractive target for economic crimes.
  • Swiss reputation as a financial hub: The country’s reputation and its highly developed financial sector contribute to its status as an attractive target for fraudsters.

Responses from Swiss Authorities

Despite the increase in economic crimes, Swiss authorities and corporations are taking steps to protect their interests and stay ahead of these trends.

Cybersecurity Measures

Law enforcement agencies and corporations in Switzerland are collaborating to strengthen their cybersecurity measures by:

  • Implementing advanced technologies
  • Providing staff training programs
  • Developing new regulations

Maintaining Competitive International Standing

Swiss stakeholders are determined to protect their economy while maintaining a competitive international standing. Some of their efforts include:

  • Strengthening collaboration between law enforcement agencies and corporations
  • Sharing best practices and knowledge in cybersecurity and fraud prevention
  • Investing in research and development for more effective cybersecurity solutions

In the digital age, adapting to evolving threats and staying vigilant is essential for the Swiss economy. Despite this new challenge, the country remains determined to stay ahead of the curve and maintain its economic stability.

Conclusion

In the past two years, Switzerland has seen a significant surge in economic crimes, with larger instances of fraud and more cases occurring overall. As threats from cybercriminals evolve, the Swiss economy is adapting by strengthening cybersecurity measures, collaborating with law enforcement agencies and corporations, and investing in research and development. Through these efforts, Switzerland aims to protect its interests and maintain its reputation as a leading financial hub in the digital age.