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No matter what part you play in the economy, our blog will provide you with a wealth of up-to-date and interesting articles, resources and checklists from the various areas of law.

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21 November 2017

Swiss Bank Accounts - Who has to bear the Damage resulting from Fraudulent Transactions of Hackers?

Who is liable for the damage if a hacker succeeds in initiating fraudulent transactions on a Swiss bank account?

According to a judgement of the Swiss Federal Court, it was the bank which ultimately had to bear the loss (Swiss Federal Court, decision of 5 December 2016, 4A_386/2016). However, do not be too sure that this will always be the case. In comparable cases, it could also be that the bank customer is left bearing the damage caused by an unauthorised person.

Swiss-Bank-Accounts-Fraudulent-Transactions-of-Hackers-Arter-Froriep

In order to familiarise you with the legal situation regarding Swiss bank accounts, we would like to present the facts and findings of the Federal Court's decision in detail. This also helps you - as a client of a Swiss bank - to understand why it is always advisable to read the Bank's General Terms and Conditions carefully and to comply with them.

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Brexit - what changes for nationals of the United Kingdom of Great Britain and Northern Ireland in Switzerland?, written by Oliver Arter and Daisy Vacher

 

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Photo: Shutterstock/Elnur

Topics: Private Client  Dispute Resolution  Banking & Finance 

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