|
|
|
|
|
|
by valenterry
108 days ago
|
|
|
> Ideally, sure, but the reality is just that some entities are not only reputationally, but also legally required to bear the liability for account takeovers. Seems like an absolutely rare edge case to me. Or maybe even just a misunderstanding. I doubt there is a law that says that. If anything, I could imagine a law saying that a company has to take "sufficient precautions". But even if what you say were to be true - that's not something to solve with tech. That means the law should be changed. |
|
|
Bank and payment card transactions are arguably a pretty big part of everyday life to most people.
> I doubt there is a law that says that.
Reg E/Z in the US and PSD2 in the EU pretty firmly put the burden for these types of situations/losses on the bank/PSP. They don't specifically mandate the "how", but for better or worse, industry perception and common practice is for that to include root detection, blocking VoIP numbers from receiving SMS-OTPs etc.
> That means the law should be changed.
The law that makes banks liable for most cases of account compromise? I'm actually quite happy with that, even if it comes with some unfortunate externalities.