I'm curious what the solutions are. People, including myself, feel this should legally be the bank's problem. Someone pretended to be the account owner and the bank gave them money. That seems pretty clearly the bank at fault
But, let's say the laws got fixed and it became the bank's fault. Would there be un-intended consequences or only good ones? I'd expect banks to maybe get rid of checks. Or, require every check to be approved when received. You send a check, the check gets deposited, the bank pings you (email, sms, app) .. did you write this check? Or maybe something else.
If I understand correctly, some countries (Estonia?, Singapore?) when you use a credit card, the bank requires some form of 2 factor. I've seen that once in a while with USA cards, usually only when ordering something abroad. In Japan some banks require a 2 factor calculator that generates codes. No idea if that's prevented much fraud.
But, let's say the laws got fixed and it became the bank's fault. Would there be un-intended consequences or only good ones? I'd expect banks to maybe get rid of checks. Or, require every check to be approved when received. You send a check, the check gets deposited, the bank pings you (email, sms, app) .. did you write this check? Or maybe something else.
If I understand correctly, some countries (Estonia?, Singapore?) when you use a credit card, the bank requires some form of 2 factor. I've seen that once in a while with USA cards, usually only when ordering something abroad. In Japan some banks require a 2 factor calculator that generates codes. No idea if that's prevented much fraud.