Scams & Phishing News EU court adviser says banks must immediately refund phishing victims

[Parkinsond]

Content source

https://www.bleepingcomputer.com/news/legal/eu-court-adviser-says-banks-must-immediately-refund-phishing-victims/

Athanasios Rantos, the Advocate General of the Court of Justice of the EU (CJEU), has issued a formal opinion suggesting that banks must immediately refund account holders affected by unauthorized transactions, even when it's their fault.

The opinion was issued in response to a request for a preliminary ruling submitted by the District Court in Koszalin, Poland, in a dispute between the PKO BP S.A. bank and one of its customers.

The case involved phishing fraud, where the customer advertised an item for sale on an auction platform, and was approached by a fraudster who sent them a malicious link to a page resembling the bank’s login interface.

The customer entered their bank account credentials on that site, which the fraudster then used to execute an unauthorized payment.

The victim reported the transaction the next day to both the bank and the police, but the fraudsters were not identified, and the bank refused to refund the lost amount. In response, the customer sued the bank.

The dispute arose because the bank argued it could deny the refund if the customer’s negligence caused the loss.

EU court adviser says banks must immediately refund phishing victims

Athanasios Rantos, the Advocate General of the Court of Justice of the EU (CJEU), has issued a formal opinion suggesting that banks must immediately refund account holders affected by unauthorized transactions, even when it's their fault.

www.bleepingcomputer.com

 

[Zero Knowledge]

Never going to work because people are people. You can blame the banks and they deserve to be smacked hard but when stupid people give up hundreds of thousands of dollars to a scam well the responsibility needs to taken on both sides. In the end it's GREED plain and simple on all sides, the banks for allowing the scam transactions, the users for being super greedy and ignorant falling for scams that claim to offer 10000000% profit or phishing emails (that a simple 5 second glance at the senders email address would stop any scams) that ask for bank details and then to the scammers fleecing users and banks and laughing all the way to a super yacht in the Bahamas.

 

[TairikuOkami]

Never going to work because people are people.

Indeed, banks call people, if they detect a potentially fraudulent transaction. They made one such a call public, the bank employee spent half an hour trying to explain to the client, that it is a scam. He did not have to do it, eventually the client reluctantly agreed. Afterwards the client called back and thanked, since someone explained it to him.

Then again, there are kids and elderly, who are more trustful and scammers take advantage of it, especially with AI, when a relative calls in own voice begging for money.

 

[Parkinsond]

Never going to work because people are people. You can blame the banks and they deserve to be smacked hard but when stupid people give up hundreds of thousands of dollars to a scam well the responsibility needs to taken on both sides. In the end it's GREED plain and simple on all sides, the banks for allowing the scam transactions, the users for being super greedy and ignorant falling for scams that claim to offer 10000000% profit or phishing emails (that a simple 5 second glance at the senders email address would stop any scams) that ask for bank details and then to the scammers fleecing users and banks and laughing all the way to a super yacht in the Bahamas.

There is a legal escape point for banks.

The bank obtain signed approval of the client when he/she first joint the bank, after providing educational material explaining all the methods of bank fraud.

This process has to be renewed every 5 years (new methods come out); if the client to refuse, the bank has the right to suspend the account.

 

[Parkinsond]

banks call people

According to the bank; not all banks do so.