A lot of expatriates in Mexico make use of online banking; some for the convenience, some because it is the only way to transact business with a bank in another country, and some because their bank is pushing them to do so. There was a story in the news last summer that probably did not attract the attention of many of these users of online banking but should have.
Online banking has not been around for very many years, and as a result a lot of the rules and regulations governing it are still not well defined. Each bank has its own policies regarding online transactions, but there is little in the way of legal precedent governing this practice. That changed on August 4, 2011 when the case of Patco Construction Company, Inc., v. People’s United Bank d/b/a Ocean Bank (case no. 2:09-cv-503-DBH) was decided in the United States District Court in Maine. This was one of the first cases to deal with online hacking of bank accounts and has been followed closely by the banking industry and by computer security professionals.
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