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International Comparison of Bank Fraud Reimbursement: Customer Perceptions and Contractual Terms

Becker, I; Hutchings, A; Abu-Salma, R; Anderson, R; Bohm, N; Murdoch, SJ; Sasse, MA; (2016) International Comparison of Bank Fraud Reimbursement: Customer Perceptions and Contractual Terms. In: Proceedings of the 15th Annual Workshop on the Economics of Information Security (WEIS). Workshop on the Economics of Information Security (WEIS): Berkeley, CA, USA. (In press). Green open access

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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.

Type: Proceedings paper
Title: International Comparison of Bank Fraud Reimbursement: Customer Perceptions and Contractual Terms
Event: Workshop on the Economics of Information Security (WEIS)
Location: Berkeley, US
Dates: 13 June 2016 - 14 June 2016
Open access status: An open access version is available from UCL Discovery
Publisher version: http://weis2016.econinfosec.org/
Language: English
Keywords: Banking Security, Terms and Conditions, Usable Banking, Usable Security, Cross-cultural study
UCL classification: UCL > School of BEAMS
UCL > School of BEAMS > Faculty of Engineering Science
URI: http://discovery.ucl.ac.uk/id/eprint/1492768
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