Hacker News Reader

Robbing a bank physically is different than online fraud.

For one, you're not holding people at gunpoint with the threat of violence.

yes its worse instead of one large institution that can support the loss you are robbing a million members of Joe public who probably wont be able to suffer that loss as easily.

Bonnie an Clyde became folk heroes for striking it to the man they wound not have if they had robbed lots of poor farmers.

Just create a law that forces bank to refund defrauded customers. Now you're robbing one large institution that can support the loss once again, problem solved.

yeah given the banks track record in dragging their feet over phantom atm withdrawals thats going to work real well.

The banks will probably try to blame the victim to avoid paying out you must have shared/written down your banking password and/or start selling cyber insurance which will become the next PPI scam in a few years.

FYI, such laws already exist - in EU, most of the consumer losses in such frauds have to be compensated by the bank. It's not always pleasant but it motivates banks to take effective measurements against identity theft. Many of USA identity theft horror stories could never happen here; as soon as their own cash is threatened, banks can be much mire diligent.

Reply on news.ycombinator.com