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Are the banks not liable, when they don't know there customer?
by _trampeltier 5y ago
Are the banks not liable, when they don't know there customer?
- tonmoy 5y agoThe thief’s can wire it to an account in an offshore country where US authorities would have no power.
- thatfunkymunki 5y agoI still don't quite get this. I always imagined a bank wire as a data transfer, and that an actual settlement of hard currency happens sometime thereafter. How is it irreversible, in this regard?
- duxup 5y agoDo the banks in this case provide some assurance / can they be sure who is on the other end of the transfer?
- formerkrogemp 5y agoIf it's a transfer using your authentication details they might put the transaction on hold or call you, but, no, they generally aren't liable with the processes they have in place unless there's significant negligence. The college might have been the one authorizing the transfer here to the wrong party. Banks can't or don't typically verify all of your vendors and clients and transactions. They provide the money pipes.