US EditionSCA: purchasers bear the risk of cyber-fraud when paying by EFT – Moonstone Information Refinery
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SCA: purchasers bear the risk of cyber-fraud when paying by EFT – Moonstone Information Refinery
The courts will not impose a legal duty on creditors to protect debtors from cyber fraud, and debtors bear the responsibility of ensuring that a payment is made to the correct bank account. These principles were reaffirmed by the Supreme Court of Appeal (SCA) when it handed down judgment this month in a dispute that arose because of email interception fraud. The central question before the court was: when a buyer transfers payment for goods into…
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