Bank, Customers Spar Over Phishing Losses

Who should bear the cost of phishing losses: the bank or the customer? That question is at the heart of a recent dispute between the Bank of Ireland and a group of customers that fell victim to a phishing scam that drained 160,000 Euros ($202,000) from their accounts. The bank initially refused to cover the losses, but has since changed its mind and credited the accounts of nine victims, who had threatened to sue to recover their funds.

The Bank of Ireland incident is one of the first public cases of a bank seeking to force phishing victims to accept financial responsibility for their losses, but it likely won't be the last. Netcraft: Bank, Customers Spar Over Phishing Losses

Linked by shanmuga Thursday, 14th September 2006 10:26PM