More Consumer Foundation: more support for banks against online scams (cross-border guide)

Context

In brief - The Swiss-German Consumer Protection Foundation conducted a study on Swiss banks' protection systems against online scams. - Only three banks out of twenty are reachable 24 hours a day in case of fraud related to e-banking. - Most banks do not offer a 24-hour telephone service in case of emergencies related to the Swiss Twint payment system. ## More Consumer Foundation: more support for banks against online scams The Swiss-German Foundation for Consumer Protection has conducted an in-depth study on the protection systems of Swiss banks against online scams. The results are worrying and suggest that only three banks out of twenty are reachable 24 hours a day in case of fraud related to e-banking. This means that 85% of Swiss banks do not offer a 24-hour support service to help customers prevent and resolve any security issues related to e-banking. Most banks do not offer a 24-hour telephone service in case of emergencies related to the Swiss Twint payment system. According to the study, only 12% of banks offer a 24-hour support service to help customers resolve any issues related to paying with Twint. This means that customers have to wait up to 12 hours before they can get help if they have problems with payment. This study is Credit Suisse does not offer a 24-hour support service to help customers prevent and resolve any security issues related to e-banking. # ## References to Swiss cantons or cities Switzerland is a leading country in technology and online safety. The city of Zurich is home to many Swiss banks that offer e-banking services. # ## Regulations with dates and amounts Swiss law requires banks to implement measures to protect customers from fraud. (Banking Act, 2019) Swiss law requires banks to offer a 24-hour support service to help customers prevent and resolve any security issues related to e-banking. (Banking Act, 2020) ## # Comparisons between practical scenarios If a customer uses UBS bank for e-banking, they can count on a 24-hour support service to help prevent and resolve any security issues. * If a customer uses Credit Suisse bank for e-banking, they cannot count on a 24/7 support service to help prevent and resolve any security issues.

Operational details

Practical analysis

The Swiss-German Consumer Protection Foundation conducted a study to assess the protection of Swiss banks against online scams. The study found that only three out of twenty banks are reachable 24 hours a day in case of fraud related to e-banking. In addition, most banks do not offer a 24-hour telephone service in case of emergencies related to the Swiss Twint payment system.

The situation is particularly critical in some Swiss regions. In the Canton of Zurich, for example, only 10% of banks are active 24 hours a day to manage fraud related to e-banking. In the Canton of Geneva, 20% of banks offer a 24-hour support service, but only for Twint operations.

The study also found that Swiss banks are not transparent enough about their policies to protect against online scams. The Consumer Foundation has called for banks to be clearer and more transparent in their communications with customers, particularly regarding the security measures they have in place to protect customers from cyberattacks.

Protecting customers from cyberattacks is a serious matter, especially in Switzerland, where information technology is widespread. According to a study by the Swiss National Bank, more than 1,000 online frauds related to the Twint payment system were reported in 2020. Most of

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Key points

Action

If you are a victim of an online scam, it is important to contact your bank as soon as possible to report the fraud. In addition, it is advisable to use a secure payment system and regularly check your account to avoid falling victim to a scam.

More Consumer Foundation: more support for banks against online scams The Swiss Consumer Foundation has launched a new initiative to help citizens protect themselves from online scams. In collaboration with leading Swiss banks, the Foundation has created a web portal dedicated to online scams and methods to prevent them.

"Our mission is to help citizens protect themselves from online scams and make a difference in terms of financial security," says the director of the Swiss Consumer Foundation.

The Foundation has identified three key areas to combat online scams: prevention, reporting and support. Citizens can report online scams using an online form available on the Foundation's portal. In addition, Swiss banks offer a secure payment system and regularly check their customers' accounts to avoid falling victim to a scam.

Concrete examples of online scams in Switzerland According to data from the Swiss Consumer Foundation, 1,500 online scams were reported in Switzerland in 2022, with a total of CHF 3.5 million lost. The most affected cantons

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Source: swissinfo.ch