Thursday , November 14 2024
Home / SNB & CHF / The online retail fraud made possible by Swiss billing system

The online retail fraud made possible by Swiss billing system

Summary:
In Switzerland it is possible to order goods online without paying up front. Retailers will send orders with a payment slip included with the goods. Fraudsters are exploiting this quirk of Swiss postal retail. Photo by Karolina Grabowska on Pexels.com Fraudsters order goods online pretending to be someone else. The goods are then shipped without the need to provide any payment details. The fraudster then waits for the order to be delivered and takes it from the unsuspecting victim’s mailbox. Eventually, the victim gets a payment reminder for something they never ordered and which appears to have never arrived. In French-speaking Switzerland around a thousand complaints related to the practice were made last year, according to an investigation by RTS. Payment after

Topics:
Investec considers the following as important: , , , , ,

This could be interesting, too:

Frank Shostak writes Assumptions in Economics and in the Real World

Conor Sanderson writes The Betrayal of Free Speech: Elon Musk Buckles to Government Censorship, Again

Nachrichten Ticker - www.finanzen.ch writes Bitcoin erstmals über 80.000 US-Dollar

Nachrichten Ticker - www.finanzen.ch writes Kraken kündigt eigene Blockchain ‘Ink’ an – Neue Ära für den Krypto-Markt?

In Switzerland it is possible to order goods online without paying up front. Retailers will send orders with a payment slip included with the goods. Fraudsters are exploiting this quirk of Swiss postal retail.

The online retail fraud made possible by Swiss billing system

Photo by Karolina Grabowska on Pexels.com

Fraudsters order goods online pretending to be someone else. The goods are then shipped without the need to provide any payment details. The fraudster then waits for the order to be delivered and takes it from the unsuspecting victim’s mailbox. Eventually, the victim gets a payment reminder for something they never ordered and which appears to have never arrived.

In French-speaking Switzerland around a thousand complaints related to the practice were made last year, according to an investigation by RTS.

Payment after delivery is very popular in Switzerland. Some large online Swiss retailers charge a third to half of their customers this way.

The people committing this kind of fraud often live near their victims, given the need to keep an eye out for parcel deliveries. Typically, not all orders are intercepted by the scammer. Some tend to eventually slip through, leaving victims with the task of returning goods they never ordered.

Victims are not required to pay for the fraudulently purchased goods. However, they must go through the administrative pain of sorting out the mess it creates.

 


Tags: ,,,
About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to our niche client base.

Leave a Reply

Your email address will not be published. Required fields are marked *