“Anyone who follows their bank’s security advice is well protected”
The security level in the Swiss financial sector is high, but digital forms of fraud are on the rise. The new preliminary study by the Swiss Bankers Association (SBA) shows that it is now a matter of combining strengths, expanding collaborations and raising customer awareness in an even more targeted manner. In this interview, Richard Hess, Head Digital Finance at the SBA, explains how the industry is tackling this issue – together.
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Richard, why did the SBA launch this preliminary study?
Because we wanted to further develop and better integrate existing prevention approaches together with our members. Swiss banks are already doing a great deal in the area of security – in terms of technology, organization and communication. But the threat landscape is constantly changing. Fraudsters often operate across multiple channels and institutions. It therefore makes sense for us, the banking industry, to work more closely together.
What is the key finding of the study?
That we can achieve more together. Three things are crucial: firstly, a coordinated awareness-raising campaign for the public – especially on topics such as social engineering. Secondly, a regular structured exchange on fraud patterns and fraud strategies, both among banks and with other industries, in particular telecommunications companies and online marketplaces. And thirdly, modern technical infrastructures that help to detect and prevent fraud more quickly at the network level by checking payment orders in real time. The goal is to work together intelligently – not just more closely.
How affected is Switzerland specifically?
Switzerland is not a special case – but of course it is not an island either. According to police crime statistics, over 42,000 cyber fraud offenses were reported in 2024: An increase of 40% over the previous year. At the same time, it is important to emphasize: our systems are secure. The vast majority of fraud cases do not happen because systems fail, but because people are manipulated – often with very convincing methods. That is why we are so committed to prevention through education and awareness raising.
So there is no reason for bank customers to worry?
No. If you follow the bank's security advice, you are well protected. The systems are reliable – and the trust in the Swiss financial center is justified. But vigilance remains important. That's why we want to bundle information, make it more understandable and disseminate it through new channels. Today, fraud prevention is also a communication task.
What will happen now with the findings of the study?
The measures identified are to be further implemented or their implementation is to be examined in more detail. For example, the development of a network-based real-time warning system. Or the implementation of joint awareness-raising campaigns. At the same time, we are examining how we can coordinate existing exchange formats more efficiently. The SBA is initially taking on a moderating role, networking stakeholders and promoting the transfer between banks, authorities and tech partners. What is important is that we wanted to define measures that are as specific and realistic as possible for the current implementation. It is possible that further measures will be added over time. In any case, the issue of fraud in payment transactions is very dynamic, also at the international level. It will certainly keep us busy for some time to come.