What determines who is liable for the loss in cases of payment fraud?
It depends on the circumstances of the individual case, the terms of the contract and whether the parties involved have fulfilled their duties of care.
The bank pays for payment fraud – no matter what has happened.
Customers must always bear the loss themselves.
Who bears the loss must be considered on a case-by-case basis. Key factors include, amongst other things, the nature and course of the fraud, the terms of the contract, the due diligence obligations that were met, and how quickly the incident was reported.