Is the customer or bank responsible for fraudulent transactions?
Experts weigh in on their extent of liability amid surge in bank-related phishing scams
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While banks are expected to provide real-time transaction notifications and a reporting channel, customers must also take reasonable steps to protect their own interests, like securing devices, log-in credentials and access codes.
PHOTO: ISTOCK
While technology has made faster money transfers possible, it has also facilitated scammers in carrying out fraudulent transactions.
In the first six months of this year, $102 million was lost to various scams.