Not for the first time, and unfortunately, based on the position adopted by the Bank Ombudsman (1), its clients appear to be guilty of being stupid while the Banks are absolved of any liability.
In a most recent case, Auckland businessman Deepak Udhani, was denied compensation for a $100,000 scam. Banking Ombudsman Nicola Sladden said she couldn’t compel banks to have specific fraud detection systems in place to protect customers.
