Shock call fraud at checkout: How do banks protect their customers against fraudsters?

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The figures are alarming: Nearly 12,000 people, mostly elderly, have fallen in love with so-called grandchild scammers in the last five years. 24,000 even in response to the recent sharp increase in shock calls. A study by Pro Senectute estimates this.

The research also says: The older someone is, the higher their risk of falling victim to this scam. This is where banks come into play. The victim quickly withdraws several thousand, or even tens of thousands of francs from his account, supposedly to get his grandchild or another family member out of a difficult situation. Money lost in criminals’ pockets.

Protecting or bossing?

Are financial institutions doing enough to protect their customers from such scams? For a bank, there is a very thin line between patronizing and protecting. Ultimately, every customer is free to do whatever he wants with the money in his account.

Consumer advocate Sara Stalder, 57, sees it this way, too. Still, banks could do more: “How about an information campaign on how older customers can better protect themselves from this type of fraud? For example, by informing clients about the possibility of obtaining power of attorney for younger relatives.”

A possibility that Raiffeisen openly pointed out at Blick’s request. “In individual cases, contacting relatives through the bank may be helpful.” However, calls to relatives can only be made if the account owner agrees. Unless there is already a relevant power of attorney.

Banks refuse to pay

Banks are naturally reluctant to look too deeply into their cards when it comes to fending off fraudsters. They want to stay one step ahead of criminals if possible. “Scammers are masters of their trade, appearing extremely convincing and determined and elusive,” Zürcher Kantonalbank writes in its brochure on the subject. Other banks also offer such information forms to their customers.

ZKB added on the request: “Since high cash payments pose significant risks for customers, the bank – depending on the case scenario – does not offer assistance for cash payment.”

We hear over and over again that a bank refuses to pay. Vigilant tellers and sensitive customer advisors are financial institutions’ best weapons to protect their customers from fraudsters.

Education helps

For this reason, banks primarily focus on the training of their employees: “Since shock call victims are put under great pressure, it is not always easy to understand the situation. They are highly trained and manipulated by the perpetrators,” Postfinance writes.

No bank wants to disclose exactly how its employees are trained. But rarely can much more be done than asking about large account withdrawals or summoning an uncertain customer to the consulting room.

In particular, fraudsters tapping mobile phones increases the pressure on the victim. It’s especially disgusting: In such a stressful situation, they’re quicker to perceive well-intentioned advice as arrogant behavior.

Source :Blick