4 ms·

Some banks dont pay out when money has been taken from your account fraudulently, so no, not another reason to keep money at your bank.

zinekeller 4y ago
Some countries (like South Korea) are in the "customer are never in fault", other countries are "users have sole responsibility for their security", but US is in an ambiguous position where you need a court to determine responsibility. If someone said that a US bank didn't pay out for a hack it means that either they're poor to ligitate (understandable, the US legal system is rigged) or they're hiding something that would persuade the judge to side with the bank. This is still the case despite the "we're not responsible for hacked accounts" ToS especially if the bank is the one who fell for social engineering attacks to falsely convince to do something that was unauthorized.
m00x 4y ago
Banks have little to no control over this. Banking regulation E controls this aspect. So yes, a reason to keep it at your bank (which is regulated heavily).
- junofan 4y ago
  Your bank conducts the investigation. They have a lot of control. Good luck recovering $96,000.
  - dan1234 4y ago
    This guy[1] was refunded £70,000 he willingly transferred to scammers! Hard to imagine the same thing happening in the crypto-sphere. [1]https://www.theguardian.com/money/2023/mar/06/i-paid-70000-to-fraudsters-can-santander-help https://www.theguardian.com/money/2023/mar/06/i-paid-70000-t...
  - adrr 4y ago
    If it wasn't you. Reg E says you're not liable. Literally in the regulations. You will recover that $96,000. Anyone who has worked in bank industry will tell you this.
    - loa_in_ 4y ago
      Yes, because we can take law at face value. So many court cases end up with result that comes from technicalities, like specific interpretation of who "you" are in the context of "transaction"
      - adrr 4y ago
        Reg e ties to your fdic insurance. Banks risk their fdic insurance if they are caught not following reg e. I don't know of anyone who lost money due to their account being hacked with the caveat they didn't share their login details to their spouse or kids and they reported the unauthorized transactions within 60 days.

zinekeller 4y ago

Some countries (like South Korea) are in the "customer are never in fault", other countries are "users have sole responsibility for their security", but US is in an ambiguous position where you need a court to determine responsibility. If someone said that a US bank didn't pay out for a hack it means that either they're poor to ligitate (understandable, the US legal system is rigged) or they're hiding something that would persuade the judge to side with the bank. This is still the case despite the "we're not responsible for hacked accounts" ToS especially if the bank is the one who fell for social engineering attacks to falsely convince to do something that was unauthorized.

m00x 4y ago

Banks have little to no control over this. Banking regulation E controls this aspect. So yes, a reason to keep it at your bank (which is regulated heavily).

junofan 4y ago
Your bank conducts the investigation. They have a lot of control. Good luck recovering $96,000.
- dan1234 4y ago
  This guy[1] was refunded £70,000 he willingly transferred to scammers! Hard to imagine the same thing happening in the crypto-sphere. [1]https://www.theguardian.com/money/2023/mar/06/i-paid-70000-to-fraudsters-can-santander-help https://www.theguardian.com/money/2023/mar/06/i-paid-70000-t...
- adrr 4y ago
  If it wasn't you. Reg E says you're not liable. Literally in the regulations. You will recover that $96,000. Anyone who has worked in bank industry will tell you this.
  - loa_in_ 4y ago
    Yes, because we can take law at face value. So many court cases end up with result that comes from technicalities, like specific interpretation of who "you" are in the context of "transaction"
    - adrr 4y ago
      Reg e ties to your fdic insurance. Banks risk their fdic insurance if they are caught not following reg e. I don't know of anyone who lost money due to their account being hacked with the caveat they didn't share their login details to their spouse or kids and they reported the unauthorized transactions within 60 days.