Switzerland:
Swiss Bank Accounts - Who Has To Bear The Damage Resulting From Fraudulent Transactions Of Hackers?
15 February 2018
MLL Meyerlustenberger Lachenal Froriep Ltd
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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.
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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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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