The bank's liability arose from its failure to protect the account after the fraud had been reported.
By
Joseph Wangui
Correspondent
Nation Media Group
Banks could face greater legal liability for delayed responses to suspected fraud after the High Court upheld a ruling that Family Bank breached its duty of care by failing to secure a customer's account promptly, following notification of unauthorised mobile banking transactions.
The court said maker-checker approvals and payment schedules do not establish payment of the money.
Cyber thieves exploit banks' slow response, leaving victims misled and vulnerable in the face of rising cybercrime incidents.
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