Fraudsters have stolen more than 9.2 million francs through doctored ATMs since January, Swiss federal authorities have said. 

"/> Fraudsters have stolen more than 9.2 million francs through doctored ATMs since January, Swiss federal authorities have said. 

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FRAUD

ATM theft on the rise in Switzerland

Fraudsters have stolen more than 9.2 million francs through doctored ATMs since January, Swiss federal authorities have said. 

ATM theft on the rise in Switzerland

In the first three quarters of the year, 225 ATM machines were manipulated by criminals in Switzerland, a significant rise on the 135 cases recorded in all of 2010.

Using special equipment, swindlers copy the magnetic strips on credit and debit cards, using the data contained in the strips to create ”cloned” cards.

Even though the number of manipulated ATM machines has increased — and thieves have managed to steal more than 9 million francs ($10.2 million) in ten months — the number of skimming cases has gone down slightly, from two to three cases a week last year, to two in 2011.

The skimming data was provided by Alain Bichsel, spokesman for SIX Card Solutions, a company that specialises in bank transfers.

Bichsel says both customers and banks are increasingly aware of skimming, and that new systems of credit card protection have helped reduce the number of cases.

Checks have been strengthened and processes to block compromised cards have improved. As Bichsel told news agency ATS, credit cards are immediately cancelled when the system identifies that they have been used in Switzerland and in another country within a short period of time. The same happens when cards have been used in manipulated ATMs.

In addition, banks will soon have a new weapon in the fight against this kind of scam. SIX Card Solutions has developed a tool that allows bank customers to block their cards in some countries like the United States, the Dominican Republic, Russia and Ukraine. Cloned cards are mainly used in these countries because ATMs there continue to read data from the magnetic strip on the card’s rear rather than from the embedded chip, as is done in Switzerland.

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BANKS

Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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