Unauthorized Use Of Bank Cards, Banks Holding Responsibilities

Nowadays, in China there appear many cases that some wrong crowd use bank cards without

authorization of card holders, the money of the crime is startling. Even many depositors did not lose their bank cards, and they did not disclose their codes either. Well then, who shall be hold responsible for the losses of unauthorized use of bank cards before the wrong crowd are tracked down? Depositors or banks?

We consider that banks shall be hold responsible for the stolen deposit when the depositors below the circumstance of nonexistent fault. Because depositors and banks have formed into a relationship of saving contract since a depositor handles a card with a bank. It is banks main obligation to protect theirs depositors deposit safety under the saving contract. Besides, banks obligation of protecting depositors deposit safety comes from not only saving contract but also the Law of the People's Republic of China on Commercial Banks. In accordance with the stipulation of the law on commercial banks, Commercial banks shall protect the legal rights and interests of their depositors against encroachment by any unit and individual. So banks have the liabilities to improve the shortages of ATM and POS, as well as endow those machines the function of identifying false bank cards.

It is simply because the banks do not endow ATM and POS the function of identifying false bank cards, and there are technical and qualitative defects in the transaction system and equipment of banks, so that the wrong crowd can make a false bank card to swipe the deposit in the veritable bank card, which makes depositors deposit in an unsafe status. Therefore, banks should be hold responsible for the stolen deposit of depositors. In addition, banks master and control depositors full information and technologies, such as registration data, fund storage, data exchange, encryption algorithm, transaction facility, transaction monitoring and so on. Compared to depositors, banks hold an active and leading position under the saving contract and during the transaction process. This kind of position decides that banks, contrast to depositors, should hold better obligations of safety guarantee. As a result, the depositors below the circumstance of nonexistent fault, banks shall be hold responsible for the stolen deposit. Otherwise, there is no difference for depositors to put their money in banks and on the roadside. And never expect that banks can fulfill their obligations for depositors deposit.

by: Sino-Link Consulting

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