Customer Vs. Bank: Who is Liable for Fraud Losses?
Linda McGlasson writes:
At first this court case was a curiosity: Experi-Metal Inc. (EMI), a Michigan-based metal supply company, sued Comerica Bank, claiming that the bank exposed its customers to phishing attacks.
But now this story shapes up as a significant test case for the banking industry, raising several key questions that must be answered about fraud and responsibility.
“It will establish who is liable in the U.S. – the bank or the customer – for fraud losses that result from phishing,” says Tom Wills, Senior Analyst, Security, Fraud & Compliance, Javelin Strategy & Research.
Read more on BankInfoSecurity.com