Regulation E and Payment Obtained by Fraud
Issue/Inquiry
The Bank has a customer who was scammed while trying to purchase concert tickets. He authorized the transaction and provided his personal and debit card information to Google Pay to make the purchase. Once he found out it was a scam, he disputed the charge. In response to a request by the issuer of the debit card (i.e., MasterCard), Google Pay provided documentation showing that the customer approved the transaction. Since Google Pay has declined to make a refund, is the Bank required under Regulation E to reimburse this customer for the money lost?
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