That the system is flawed and that they tried to keep it secret doesn't seem new. What really troubles me is the presumption on the part of the regulators that

That the system is flawed and that they tried to keep it secret doesn't seem new. What really troubles me is the presumption on the part of the regulators that the system is safe to the point of just believing the word of the banks when they say the transaction was properly authorized, thus making the customer effectively liable for fraud even though the law says otherwise.