Fraud Compensation

[liroyb]

Does bank is obligated to compensate client in case of financial loss due to phishing or cyber crime?

 

[Sols]

It depends on where the bank is located and what applicable laws say. In many cases, no, it's considered reckless or negligent behavior by the account holder.

Best to ask a lawyer.

 

[JackAlabama]

Does bank is obligated to compensate client in case of financial loss due to phishing or cyber crime?

no. you will have to fight for it if the bank is not nice. They have all cards to claim you are responsible for it.

 

[ImKing]

I would be happy to read about any case where this happened!

 

[jafo]

Does bank is obligated to compensate client in case of financial loss due to phishing or cyber crime?

Please, do NOT go down this road. It only leads to headaches, more financial loss, opportunity cost, and the likelihood of ending up in prison.

If revenge is your thing, How Taking Revenge Actually Makes You Feel, According to a Social Psychologist and Neuroscientist.
there are better, more lucrative, and anonymous ways to accomplish this. Declaring "war" (e.g. suing) your adversary is NOT one of them.

If you don't know how to "Get EVEN" by yourself and anonymously, move on to more productive & lucrative endeavors.

 

[liroyb]

Please, do NOT go down this road. It only leads to headaches, more financial loss, opportunity cost, and the likelihood of ending up in prison.

If revenge is your thing, How Taking Revenge Actually Makes You Feel, According to a Social Psychologist and Neuroscientist.
there are better, more lucrative, and anonymous ways to accomplish this. Declaring "war" (e.g. suing) your adversary is NOT one of them.

If you don't know how to "Get EVEN" by yourself and anonymously, move on to more productive & lucrative endeavors.

I want to see you writing about Neuroscience and adding these dumb emoji when your account would get emptied one day by a cyber fraud.

 

[jafo]

I want to see you writing about Neuroscience and adding these dumb emoji when your account would get emptied one day by a cyber fraud.

I understand your frustrations. I totally do. I've witnessed injustice "through the lens" of other victims since I was a kid. It's sad and makes the victim feel horrible. Causes all kinds of health & mental adverse effects.

I also understand you want others to "agree" with you, but may I remind you of Dr. Thomas Sowell's axiom:

All I am trying to do here is spare you a fate worse than death!
Going into litigation is a profitable endeavor for COURTS & LAWYERS akin to going into WAR is a profitable endeavor for WEAPONS MANUFACTURERS & Healthcare manufacturers (think pharma, DME, and PPE suppliers).

Both are some sort of "Agent Provocateur". Also, they have a budget specifically for this. It's embedded in their "pricing structure".

Let me try this explanation:

Litigating politically connected & influential entities, e.g. banks with state licenses, especially in courts in the same jurisdiction that issued them a bank license, is like going to war/a shootout with a firearms & ammunition manufacturer with a plethora of machine guns.

Would you, aware of the advantages and disadvantages on both sides, still engage in such a folly?

If you still feel you want to sue them, there is one individual on OCT who has successfully sued banks. Mind you, he probably knows more than the attorneys he hires, so you may need to reach out to him for expertise. I know of his existence and his banking feats but I am NOT comfortable in my OWN abilities to articulate the required legalese in diction so others can understand me. Even if he tells it to me word by word. Think of him akin to a comedian in terms of delivering the correct punchline with precision timing. I can't do that! I know I can't! I know the limits of my abilities. That doesn't mean you have to limit yourself to my level of incompetence. You may well be able to succeed. Only you know...but I sense that you are asking us because you are NOT sure.

Kind of like Mozart told the 22-year-old who asked for advice on composing.

In the meantime, may I suggest reading the following books to find out how the Global Security departments of banks (and other corporate behemoths) will try to "dissuade" you from getting justice:

(1) Amazon.com
(2) Amazon.com
(3) Amazon.com

Once you have familiarized yourself with these techniques, you will learn to recognize them when they are applied to you and also know their "antidote"

Good luck!

 

[JohnnyDoe]

If you still feel you want to sue them, there is one individual on OCT who has successfully sued banks. Mind you, he probably knows more than the attorneys he hires, so you may need to reach out to him for expertise. I know of his existence and his banking feats but I am NOT comfortable in my OWN abilities to articulate the required legalese in diction so others can understand me.

I guess it’s me. I paid about $3m in legal fees during the last 3 years, and still counting. I only sued banks when I knew that they were 100% wrong and the amount at stake made it worthwhile.
In OP’s case I doubt that the bank bears any responsibility. First thing he needs to do is to invest $10k for a legal opinion from a good local lawyer, evaluate the chances of success and the budget required to achieve it (multiply estimates 3x for a realistic number).

 

[jafo]

I guess it’s me

Good catch!

I paid about $3m in legal fees during the last 3 years

and you KNOW what you are doing... Holy sh1t! I'm out! I stand NO chance against banks!

First thing he needs to do is to invest $10k for a legal opinion from a good local lawyer, evaluate the chances of success and the budget required to achieve it (multiply estimates 3x for a realistic number).

I agree 100% with this.

 

[JohnnyDoe]

and you KNOW what you are doing... Holy sh1t! I'm out! I stand NO chance against banks!

And I only hope to limit damages, I knew from the start that I would not break even. Still, better to give a few millions to lawyers than 10x to banks
I am not seeking damages, compensatory or punitive, I just want my money back and I will most probably settle with all the banks before trial.