There is much controversy over whose responsibility it is when something goes wrong in internet banking. Banks sometimes step up and hold themselves accountable for security measures as they should. Other banks want to lay the burden on the consumer.
You do have rights as a customer of internet banking. For example, a phishing scheme might lure you into giving out your personal information. This, in turn, could result in your internet banking account being raided.
Internet banking companies are quick to point out that it is your responsibility to keep your username and password secure. It must be un-guessable in the first place. You must never write it down. You must tell no one. It is your consumer right to keep this information to yourself and not divulge your password to a bank employee.
You might be wondering who is responsible. After all, you did fall for the scam, not your internet banking establishment. You were the one who gave out all that information. However, there is a regulation of the federal government that can help you. It is referred to as Reg-E.
This is the Federal Reserve Board’s Regulation E. It covers all kinds of situations revolving around transfers made electronically. The most important thing to remember about Reg-E is that you will recover your internet banking losses according to how soon you discover them.
