The ruling in the Patco Construction vs. People’s United Bank case set precedence, because the judge basically ruled that the bank’s below par security was sufficient for small business — and Patco (small business) was held liable for paying for the fraud that was a result of an average bank security. To know more details of the case, Brian Krebs has written a great post on this case.
http://krebsonsecurity.com/2011/06/court-passwords-secret-questions-reasonable-ebanking-security/
Brian Krebs also wrote about another high profile case (emi v comerica) which was decided in the favor of small business (EMI)
http://krebsonsecurity.com/2011/06/court-favors-small-business-in-ebanking-fraud-case/
Baed on these two cases it is hard to know how the next online banking fraud case will be decided and on which precedence. I guess the courts are still trying to figure out how to decide these complex cases and where to set the due diligence bar for the banks.
September 22nd, 2011 5:31 pm
[…] banking|bank of america online banking|first merit online banking Mouse here for Related LinksCourt Ruling on “Due Diligence” Online Banking Security Tags: bank fraud, online banking, structured settlements, tcf online banking, TFCU, TFCU […]
September 22nd, 2011 6:00 pm
[…] Mouse here for Related LinksCourt Ruling on “Due Diligence” Online Banking Security Tags: amount of time, bank, banking, harris online banking, investing money, is harris online […]
September 22nd, 2011 6:04 pm
[…] 'none'; document.getElementById('singlemouse').style.display = ''; } Which? Tips for Online BankingCourt Ruling on “Due Diligence” Online Banking Security var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-4777338-48']); _gaq.push(['_trackPageview']); […]
September 22nd, 2011 6:35 pm
[…] your TD online Banking . Mouse here for Related LinksCourt Ruling on “Due Diligence” Online Banking Security Tags: bank fraud, harris online banking, mortgage calculator, online banking, online […]