News Forum - Banks confirm refunds to recent cyber fraud victims

[Thaiger]

After the recent cyber fraud scam that affected at least 40,000 individuals in Thailand, banks are now confirming that they will refund money to such victims. The scam saw small amounts of online withdrawals through hacking users’ debit and/or credit card information. Payong Srivanich, chairman of the Thai Bankers’ Association, says banks will pay back money to the victims of these cases within 5 business days for debit card holders. For those holding credit cards, the banks will cancel suspicious transactions while not collecting interest or fees for the transactions from cardholders. Payong also said the banks will close affected credit […]

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[palooka]

Banks have capitulated too easily for Thailand.

Think there is a bit more to this story than what they are saying.

[HolyCowCm]

And does anyone know how this fraud got going using card info?

[Jason]

The banks do have a responsibility to refund clients in these circumstances. Having said that, the banks will then turn around to their insurer and seek reimbursement.