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So there has to be a point where the bank isnt at fault. Where you gave your OTC code to the guy anydesked to your PC and approved the transfer verbally. I don

So there has to be a point where the bank isnt at fault. Where you gave your OTC code to the guy anydesked to your PC and approved the transfer verbally. I dont know about the citibank case, but the Australian government is teasing laws that will make the bank 100% liable in all fraud cases, responsible for 100% refunds. The idea is that this will incentivise the banks to build idiot proof security. I think it would more likely incentivise them to only have non idiot customers.

skhunted 3y ago
Everyone is a idiot some of the time. No one is immune to making bad decisions. No one can be vigilant at all times. There’s no such thing as non idiot customers. There are people who make fewer bad decisions than the average/median but they still make bad decisions some of the time.
seo-speedwagon 3y ago
In two of the cases mentioned in the article, Citi approved multi-tens-of-thousand-dollar wire transfers from consumer accounts without getting positive confirmation from the customer. And in one case, the customer themself contacted Citi after clicking a sketchy link. That’s pretty egregious IMO.
- fithisux 3y ago
  In Greece happens the same.
arp242 3y ago
There really should be a way to reverse transfers in cases of outright fraud. Fact is: this will keep happening. Due to a sufficiently sophisticated attack, a moment of inattention (or outright stupidity), or a combination of both. People losing some money is not ideal, but okay, that's been going on since forever, so okay. But people losing all their money after a sophisticated attack and/or a singular moment of stupidity? That doesn't seem reasonable.
- Ekaros 3y ago
  There is a way. Either you or prosecutor sues. And then the legal system claims it back as it can. Or maybe we need to update system where for each transaction let's say more than 10% of account balance you will personally go to bank office and confirm it.

skhunted 3y ago

Everyone is a idiot some of the time. No one is immune to making bad decisions. No one can be vigilant at all times. There’s no such thing as non idiot customers. There are people who make fewer bad decisions than the average/median but they still make bad decisions some of the time.

seo-speedwagon 3y ago

In two of the cases mentioned in the article, Citi approved multi-tens-of-thousand-dollar wire transfers from consumer accounts without getting positive confirmation from the customer. And in one case, the customer themself contacted Citi after clicking a sketchy link. That’s pretty egregious IMO.

fithisux 3y ago
In Greece happens the same.

arp242 3y ago

There really should be a way to reverse transfers in cases of outright fraud. Fact is: this will keep happening. Due to a sufficiently sophisticated attack, a moment of inattention (or outright stupidity), or a combination of both. People losing some money is not ideal, but okay, that's been going on since forever, so okay. But people losing all their money after a sophisticated attack and/or a singular moment of stupidity? That doesn't seem reasonable.

Ekaros 3y ago
There is a way. Either you or prosecutor sues. And then the legal system claims it back as it can. Or maybe we need to update system where for each transaction let's say more than 10% of account balance you will personally go to bank office and confirm it.