Who is liable when a consumer authorizes a payment and then realizes they were scammed?
This continues to be a major industry-wide question. While interested parties seek data to support their position, that data is not easily accessible — and so, the answer remains unclear.
One fact is clear: Fraud and scams are scary and harmful to consumers.
In her recent articles in American Banker, journalist Kate Berry sheds light on the lack of clarity that financial institutions face regarding these questions. For example, according to