Lawsuit over bank's responsibility for credential theft. Customer lost.

[just_someguy]

I'm surprised I haven't seen this discussed here but there was a lawsuit recently where a customer's stolen credentials were used to transfer large sums of money from a bank.

The bank refused to cover the customer's losses so the customer sued and lost.

Short version: http://www.wired.com/threatlevel/2011/06/bank-ach-theft/
Details: http://www.bankinfosecurity.com/articles.php?art_id=3705&opg=1

Its possible there will be more of a move toward this in the industry.

One of the complaints about bitcoin has been that unlike a bank when your money is stolen you have no recourse.

If this case starts to set a wider precedent that could no longer be a valid argument.

[gigabytecoin]

Nice find! Too bad it happend just BEFORE allinvain lost his 500k and all of our bad press broke.

Had it of happened just after, it might have quelled the barbarians at the gates.