Fraud or data misuse: How to protect your data and your money

Contents:

• Fraud or data misuse: what’s the difference?

• You should take these warning signs seriously

• Affected? Here’s how to respond correctly

• How to protect your data in everyday life

• Conclusion: Better to check once too often

Fraud or data misuse: what’s the difference?

The two terms often appear in the same sentence, but they do not mean the same thing.

Fraud is about deception. Criminals use it to gain a financial or other advantage. For example, they might pay a fake invoice, place an order with a shop that doesn’t actually deliver, or enter your details on a website that merely looks like your bank’s.

Data misuse works differently. Here, information about you is used without your knowledge or consent: a password, a card number, or a copy of your ID. This can be used to take over accounts, order goods or enter into contracts – all in your name. You don’t have to have fallen for anyone’s tricks for this to happen.

In practice, the two often go hand in hand. Anyone who gets hold of your card details can use them to make unauthorised payments. Data misuse can therefore quickly lead to financial loss. However, this is not inevitable. Stolen data sometimes lies unused for weeks or months before anything happens. This is precisely why the theft is often only discovered at a late stage.

You should take these warning signs seriously

When personal data falls into the wrong hands, it often goes unnoticed at first. You might spot an unfamiliar payment, receive a strange email or a verification code that you didn’t ask for. Such anomalies can easily get lost in the hustle and bustle of everyday life.

You should take a closer look if you notice these signs:

• Unrecognised debits: Payments appear on your card statement that you cannot account for. You should check even small amounts.
• Unexpected security notifications: You receive a verification code or a message about a password change, even though you haven’t initiated anything yourself.
• Suspicious messages: You are told that you urgently need to confirm your card details or resolve a problem with your account. You should be particularly cautious with such requests.
• Problems logging in: Your password suddenly stops working, or you notice logins from devices you don’t recognise.
• Messages about data breaches: A company informs you that customer data has been stolen. Even if nothing has happened yet, you should check whether your data is affected.

Fake messages can look deceptively genuine. In some cases, even the displayed telephone number or sender’s name is correct. You can find out how fraudsters manipulate such details in our article ‘Spoofing explained: types, warning signs and protective measures’.

Not every unusual notification is necessarily an attempt at fraud. Nevertheless, you should investigate the cause, especially if a payment or security notification cannot be explained. If in doubt, contact the relevant provider directly.

Affected? Here’s how to respond

Have you entered your card details on a suspicious website or noticed an unauthorised charge? If so, you should act quickly to prevent further damage.

Here’s what you should do now:

• Block your card: If your card details may have fallen into the wrong hands, block the card. With Swiss Bankers, you can use the ‘Replace card’ function in the app or contact customer services.

• Change your passwords: If your login details have been compromised, change the relevant passwords – including on other services, if you use the same ones in multiple places.

• Report unknown payments: Inform your card provider about any suspicious transactions. With Swiss Bankers, you can report these via the dispute form. Please note the 30-day reporting deadline from the transaction date.

• Save evidence: Keep any suspicious messages, screenshots and payment receipts.

• Report the incident: If your details have been used for fraudulent payments or other criminal offences, contact the police.

Just clicked a link? If you haven’t entered any details or downloaded anything, you haven’t necessarily suffered any loss. Close the page and check that your device and browser are up to date.

Has a copy of your ID been compromised? Report the incident to the police or an ID centre. If your details have been misused for orders or contracts, also inform the companies concerned.

Report phishing: You can report suspicious websites to the Federal Office for Cyber Security (BACS) via antiphishing.ch.

How to protect your data in everyday life

A password you’ve been using for years. A quick click on a link in a text message. In everyday life, you rarely think of fraud when it comes to little things like this. Yet a few simple habits can go a long way towards preventing it.

Here’s what you should bear in mind:

• Don’t use the same password everywhere: use different passwords for important accounts. A password manager helps you keep track of them all without having to remember everything.
• Enable two-factor authentication: Where possible, you should add an extra layer of security to your accounts. This means that a stolen password alone is often not enough to log in.
• Be sparing with your personal details: Not every online shop needs your date of birth, and not every booking requires a copy of your ID. Think carefully about which details are really necessary.
• Avoid suspicious links: Does a message look as though it’s from your bank? It’s better to open the website yourself in your browser or use the official app – especially if you’re being pressured to act quickly.
• Keep an eye on your card transactions: Check your payments regularly. With the Swiss Bankers app, you can view your transactions at any time and take action if you notice anything unusual.

Conclusion: It’s better to check once too often

An unknown payment doesn’t necessarily mean fraud. Nor does a suspicious message necessarily indicate data misuse. Nevertheless, you should take such anomalies seriously and investigate their cause.

Using different passwords, being mindful of how you handle personal data and regularly checking your payments can save you a lot of trouble. It’s best to start right away: open your card app today and go through your recent payments. You might spot something you’ve overlooked so far.