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Should Banks Be Liable for Unauthorized Push Payments Fraud?
“Caveat emptor,” goes the old saying — buyer beware.
And now, in the digital age, as peer-to-peer (P2P) transactions between bank accounts gain ground and fraudsters impersonate legitimate people and businesses, the mantra now becomes “sender beware.”
Ingo Money CEO Drew Edwards told Karen Webster that digital plus the introduction of fast P2P rails has made all consumers increasingly comfortable with P2P, as evidenced by triple-digit percentage gains in Zelle and Venmo volumes.
It’s also made fraudsters pretty comfortable, too, exploiting the instant, irrevocable nature of these transactions.