Banking / Finance Law
Unauthorised Electronic Transaction
A fraudulent transaction made from a customer's bank account without their authorisation, often due to phishing, card cloning, or a data breach.
Banking regulations limit a customer's liability for unauthorised electronic transactions, particularly where the customer reports the incident promptly and the fraud wasn't due to their own negligence, such as sharing OTPs or passwords.
Prompt reporting to the bank and police (and filing a cyber crime complaint) significantly improves the chances of recovering funds or having liability limited.
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