Who is responsible for fraudulent transactions, customer or bank?

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SINGAPORE - While technology has made faster transfers of money possible, it has also facilitated scammers in carrying out fraudulent transactions.. Read more at straitstimes.com.

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SINGAPORE - While technology has made faster transfers of money possible, it has also facilitated scammers in carrying out fraudulent transactions.Bank-related phishing scams are of particular concern as the number of cases surged more than 20-fold to 898 in the first half of this year, from just 34 in the same period last year.

Q: If banks cannot suspend the fraudulent transaction, why do I need to alert the bank immediately when I realise that I have been scammed? A: Technically, once an instruction is given, the funds will be debited from your account. Even though it has not reached the recipient's bank, it has effectively left yours. The funds could be transferred to an interim bank before reaching the recipient's bank account. It would be difficult to intercept the transaction as the interim bank has an obligation to pass the funds to the recipient's bank.

"In this case, the negligence is on the part of the bank account holder. Contractually, the bank doesn't have to bother. But most banks will still try their best to recover the funds for the account holder."

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