Customers vs. Banks – Failure to Implement Adequate Security Procedures?
2009-10-01
Two recent headlines caught my attention: Construction Company Sues Bank for Money Lost in Cyber Scam Couple’s Lawsuit Against Bank Over Breach to Move Forward In both of these cases, banks are being sued for not taking adequate precautions that could have prevented cyber thieves from stealing money from the customers’ accounts. The customers claim that the banks did not offer two-factor authentication and also failed to notice suspicious and anomalous behavior. Therefore, the customers are claiming that the banks breached their duty to protect account holder information. These lawsuits could have significant ramifications and I will be curious to see the final outcome. ShouldRead More →