4 ms·

Do these banks not have insurance companies looking at this liability and saying "no you goddamned idiots, we are not covering you."

by Pxtl 1y ago

imzadi 1y ago
My mom was recently phished. The scammer got into her bank accounts and charged a bunch of air india tickets to her credit card and used zelle to transfer money out. When we reported it to the bank they said it wasn't covered because their fraud protection doesn't cover scams. So the banks just don't care. (It was Capital One FYI)
- notpushkin 1y ago
  > their fraud protection doesn't cover scams Eh?
  - imzadi 1y ago
    When I talked to the bank I was like "So if she had just lied and said she didn't know how they got her information she would have been covered, but since she was honest and admitted to being scammed she is getting punished?"
    - kevin_thibedeau 1y ago
      A retail bank with a massive advertising budget has to pinch pennies somewhere.
  - FireBeyond 1y ago
    One of Zelle's explicit design goals, couched in customer convenience, was as a mechanism to offload as much fraud liability onto the customer and away from the member banks.
    - imzadi 1y ago
      It wasn't just the zelle they didn't cover. They are expecting her to pay back the $3k in airline tickets charged to her visa (not a debit card).
aivisol 1y ago
Here where I live many insurance companies are subsidiaries to the banks.
ryandrake 1y ago
Why would insurance companies care? These banks never have to take significant losses for their incompetence. If they were fined 1% of profit every time they were hacked, then I could see all sorts of mitigations being considered.
GuinansEyebrows 1y ago
insurance companies operate the same way! customer service departments aren't a hotbed of security awareness (coming from personal experience - no sleight to CS reps in general; it's systemic as much as it is personal).
nullc 1y ago
The bank doesn't take the loss, the customer does. Mitchell and Webb has a good commedy skit on this subject: https://www.youtube.com/watch?v=CS9ptA3Ya9E https://www.youtube.com/watch?v=CS9ptA3Ya9E

Do these banks not have insurance companies looking at this liability and saying "no you goddamned idiots, we are not covering you."

by Pxtl 1y ago

Do these banks not have insurance companies looking at this liability and saying "no you goddamned idiots, we are not covering you."

imzadi 1y ago

My mom was recently phished. The scammer got into her bank accounts and charged a bunch of air india tickets to her credit card and used zelle to transfer money out. When we reported it to the bank they said it wasn't covered because their fraud protection doesn't cover scams. So the banks just don't care. (It was Capital One FYI)

notpushkin 1y ago
> their fraud protection doesn't cover scams Eh?
- imzadi 1y ago
  When I talked to the bank I was like "So if she had just lied and said she didn't know how they got her information she would have been covered, but since she was honest and admitted to being scammed she is getting punished?"
  - kevin_thibedeau 1y ago
    A retail bank with a massive advertising budget has to pinch pennies somewhere.
- FireBeyond 1y ago
  One of Zelle's explicit design goals, couched in customer convenience, was as a mechanism to offload as much fraud liability onto the customer and away from the member banks.
  - imzadi 1y ago
    It wasn't just the zelle they didn't cover. They are expecting her to pay back the $3k in airline tickets charged to her visa (not a debit card).

aivisol 1y ago

Here where I live many insurance companies are subsidiaries to the banks.

ryandrake 1y ago

Why would insurance companies care? These banks never have to take significant losses for their incompetence. If they were fined 1% of profit every time they were hacked, then I could see all sorts of mitigations being considered.

GuinansEyebrows 1y ago

insurance companies operate the same way! customer service departments aren't a hotbed of security awareness (coming from personal experience - no sleight to CS reps in general; it's systemic as much as it is personal).

nullc 1y ago

The bank doesn't take the loss, the customer does. Mitchell and Webb has a good commedy skit on this subject: https://www.youtube.com/watch?v=CS9ptA3Ya9E https://www.youtube.com/watch?v=CS9ptA3Ya9E