Victims of online bank fraud hit back
Is the bank liable for not keeping your accounts safe - or did you let security slide?
Victims of internet banking fraud are increasingly fighting their banks in court. They're demanding access to key information to determine who is liable for losses from defrauded accounts. Banks typically hold you, the client, liable when internet banking fraud occurs, arguing that you have assumed the risk of a compromise of your pin and password, even when there is no evidence of negligence on your part. Cape Town businessman and Absa client Johan Holtzhauzen, who was defrauded of R1.6-million after his wife's paid-up bond account and his business accounts were plundered this year, is one of the latest victims to have brought an application for a court order in the High Court in Cape Town to compel Absa to give him pertinent information. In September last year, Cape Town High Court Judge Babalwa Pearl Mantame ordered Standard Bank to give businessman Leon Huson information he was seeking to establish how fraudsters managed to steal R500,000 from his bond, credit card and cheque ac...
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