International comparison of bank fraud reimbursement: Customer perceptions and contractual terms
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Authors
Becker, Ingolf
Hutchings, A
Abu-Salma, Ruba
Bohm, Nicholas
Murdoch, Steven
Sasse, Angela
Stringhini, Gianluca
Publication Date
2018-06-01Journal Title
Journal of Cybersecurity
ISSN
2057-2085
Publisher
Oxford University Press
Volume
3
Issue
2
Pages
109-125
Type
Article
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Becker, I., Hutchings, A., Abu-Salma, R., Anderson, R., Bohm, N., Murdoch, S., Sasse, A., & et al. (2018). International comparison of bank fraud reimbursement: Customer perceptions and contractual terms. Journal of Cybersecurity, 3 (2), 109-125. https://doi.org/10.1093/cybsec/tyx011
Abstract
We set out to investigate how customers comprehend bank terms and conditions (T&Cs). If T&Cs are incomprehensible, then it is unreasonable to expect customers to comply with them. An expert analysis of 30 bank contracts across 25 countries found that in most cases the contract terms were too vague to be understood; in some cases they differ by product type, and advice can even be contradictory. While many banks allow customers to write PINs down as long as they are disguised and not kept with the card, 20% of banks do not allow PINs to be written down at all, and a handful do not allow PINs to be shared between accounts. We test our findings on 151 participants in Germany, the US and UK. They mostly agree: only 35% fully understand the T&Cs, and 28% find that sections are unclear. There are strong regional variations: Germans find their T&Cs
particularly hard to understand, but Americans assume harsher T&Cs than they actually are, and tend to be reassured when they actually read them.
Keywords
banking fraud, customer perceptions, international comparisons, PIN usage, terms and conditions
Sponsorship
This work was supported by The Royal Society [grant number UF110392] to SJM; the Engineering and Physical Sciences Research Council [grant number EP/G037264/1] to IB; the Department of Homeland Security (DHS) Science and Technology Directorate, Cyber Security Division (DHSS T/CSD) Broad Agency Announcement 11.02, the Government of Australia and SPAWAR Systems Center Pacific [contract number N66001-13-C-0131] to AH.
Funder references
Engineering and Physical Sciences Research Council (EP/M020320/1)
Identifiers
External DOI: https://doi.org/10.1093/cybsec/tyx011
This record's URL: https://www.repository.cam.ac.uk/handle/1810/279983
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