Cyber fraud poses a huge challenge for banks and their customers – particularly with the massive increase in online fund transfers – which has resulted in many more actions where claimants seek to recover losses directly from their banks. Compounding the challenges with determining intent and liability is the fact that there is no all-inclusive body of law that really defines the legal nature of online transactions – and the liabilities that go along with any such rights.

Join us in this session as our panel of experts discuss the liabilities, barriers to recovery, and steps that can be taken to compensate the victims of banking frauds, such as:

• Practical difficulties for banks when the duty arises for individuals
• How the Quincecare duty has been extended
• The civil law approach to bank liability
• The need to balance “fair and reasonable” measures to reduce fraud risk while striving to maintain an effective banking system
• The “reasonably competent bank” standard of care