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Swiss Banking Ombudsman Sees Rise in Cases Due to Losses & Fraud

Swiss Banking Ombudsman Sees Rise in Cases Due to Losses & Fraud

الأربعاء, مايو 22nd 2024

The Swiss Banking Ombudsman handled more cases in 2023, driven by 2022 investment losses, increased fraud, and the CS crisis.

كيستون/بيتر كلونزر

The Swiss Banking Ombudsman processed more cases in 2023, mainly due to significant investment losses from the poor stock market performance in 2022 and a rise in fraud cases. Additionally, the CS crisis led to numerous inquiries from concerned bank customers.

In 2023, the Banking Ombudsman’s Office handled 2,360 cases, an 18% increase from the previous year, according to Banking Ombudsman Andreas Barfuss at a media briefing on Wednesday. The ombudsman intervened in 303 cases, making concrete proposals for solutions in 207 instances. In 95% of these cases, banks followed the recommendations and accommodated the customers.

The poor stock market performance in 2022 resulted in substantial losses across all asset classes, including bonds often recommended to risk-averse investors. This situation led to a surge in complaints, though most had little chance of success. “Opportunities and risks from financial services primarily lie with the customer,” Barfuss stated.

The trend of increasing card fraud cases continued in 2023. The ombudsman noted that fraudsters are using more sophisticated technological and psychological methods. Common tactics include fake emails and “scare calls” that exploit individuals’ vulnerabilities to convince them to make payments. Consequently, customers often bear the financial losses themselves.

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