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Is checking online banking, being aware of a loss?

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Question: 
Can a bank use the customer’s history of access to their online banking, to determine when the customer was aware of a loss such as an unauthorized electronic funds transfer?
Answer: 

by Randy Carey:

Not really, how can you be sure what they even looked at?

Answer: 

by Brian Crow:

The guidance to Regulation notes that you cannot rely on the delivery of a periodic statement when determining when a consumer learns of a loss or theft of an access device when assigning liability under 1005.6(b). This comment certainly extends to reviewing account information via online banking.

Comment to 1005.6(b)(1)
Knowledge of loss or theft of access device. The fact that a consumer has received a periodic statement that reflects unauthorized transfers may be a factor in determining whether the consumer had knowledge of the loss or theft but cannot be deemed to represent conclusive evidence that the consumer had such knowledge.

First published on 05/12/2024

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