How does bank get paid for fraud claims?
Posted December 14th, 2009 by admin 1 Comment »
Iceshowers asked:
If there was a fraud where someone used your personal info to open a paypal account and used your own bank account and took your money (by transferring it from bank to paypal, then pocketing the money), and you told both paypal and bank about the fraud, and your bank took charge and put the claim and gave you the money back. Who pays the bank for that money? Does the bank make paypal give them the money? Or do banks get so much money per year (or whatever) for fraud claims?
If there was a fraud where someone used your personal info to open a paypal account and used your own bank account and took your money (by transferring it from bank to paypal, then pocketing the money), and you told both paypal and bank about the fraud, and your bank took charge and put the claim and gave you the money back. Who pays the bank for that money? Does the bank make paypal give them the money? Or do banks get so much money per year (or whatever) for fraud claims?
