Seniors in the sights: How fraudsters steal millions in Switzerland
Criminals swindle millions of francs daily – particularly from older people. Experts warn: once transferred, the money is virtually lost.
Targeted isolation and million-franc losses: fraud against seniors in Switzerland
Daily, people in Switzerland fall victim to fraud schemes – whether fake investment promises, money mule concepts or shock calls. The victims are often older people who have built up substantial wealth over decades. As Blick reports, criminal gangs steal millions of francs in this way, funds that can scarcely ever be recovered.
According to experts, the pattern is always similar: first the fraudsters gain the trust of their victims, then they gradually increase pressure – until five- or six-figure amounts are transferred to accounts abroad.
Banks walking a narrow line
Martin Frei, deputy banking ombudsman, explained to Blick: "There really are tragic cases where people's livelihoods are destroyed and they may subsequently be dependent on social welfare or supplementary benefits." Educational work by the media, banks and senior citizens' associations is essential to prevention, Frei said.
Banks do rely on internal and automated alarm systems. However, they move along a narrow line between protection and paternalism. "We also receive complaints from customers whose payment was not executed immediately due to such an inquiry," Frei said. "They feel patronised when the bank asks what they intend to use their money for."
He emphasised: "In principle, customers must be treated as responsible individuals." Older people must not be placed under blanket suspicion.
Account power of attorney as a protective tool
Thomas Ammann, spokesman for PostFinance, cited another measure to Blick: "For older people, we sometimes recommend setting up a power of attorney for their children or other relatives. This would allow PostFinance to contact all authorised persons in the event of suspected fraud."
However, not all seniors have close relatives nearby. According to Frei, loneliness is a decisive risk factor: "People who have no one in their immediate circle they can check with are particularly affected. The fraudsters even try to deliberately isolate their victims from those around them."
Minutes decide – not hours
Once the money is transferred, there is little time to act. Frei said: "What matters is minutes rather than hours. The money is transferred extremely quickly – via crypto or other means." Ammann added: "In any case, it is important to contact your own bank as quickly as possible."
Methods continually adapt
Why does prevention fail to work permanently despite all efforts? Frei compares the phenomenon to the Hydra from mythology: "Strike off its head and two new ones grow back. The methods are continuously adapted. As soon as a particular fraud scheme becomes known and no longer works so well, the fraudsters develop new variants."
Source: Blick