Regulation E and Electronic Fund Transfer Obtained by Fraud
Issue/Inquiry
The Bank has a customer who claims that he fell for a scam trying to purchase concert tickets. The customer authorized the transaction and provided his personal and debit card information to Google Pay in order to make the purchase, and once he found out that it was a scam, he disputed the charge. In response to a request by Mastercard, the issuer of the debit card, Google Pay provided documentation showing that the customer had approved the transaction. Since Google Pay has declined to make a refund, is the Bank required to reimburse this customer for the money lost under Regulation E?
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