Is the customer or bank responsible for fraudulent transactions?

Experts weigh in on their extent of liability amid surge in bank-related phishing scams

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.
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
Joyce Lim
Senior Correspondent
Updated
Nov 28, 2020, 05:01 AM
Published
Nov 28, 2020, 05:00 AM
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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.

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A version of this article appeared in the print edition of The Straits Times on November 28, 2020, with the headline Is the customer or bank responsible for fraudulent transactions?. Subscribe

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