Bank customer 'lucky' to get back $5000 stolen from account, says Ombudsman

A bank customer's stolen $5000 was returned today after an acquaintance obtained her phone banking pin and changed the password with the help of a bank officer. Photo / 123RF

A bank customer who was careless with her account pin received an early Christmas present today when her stolen $5000 was returned.

Banking Ombudsman Nicola Sladden said the customer was "lucky", as banks were not usually obliged to refund stolen money to customers who had been irresponsible and disclosed their pins and passwords.

An acquaintance had obtained the woman's phone banking pin, and was able to get account information from a bank officer.

The officer noted the caller sounded unaccountably young, but took no further action.

The acquaintance called back, speaking to a different staff member, and explained that she had forgotten her internet banking password and needed to reset it.

When she was unable to answer a security question the staff member asked her, she was told she could reset her password by using her phone number.

She said it needed updating, so the staff member did this for her. The acquaintance then changed the password, and went into the account to withdraw $5,000.

"When the woman complained to the bank, she was told she had breached the terms and conditions of her account by disclosing her pin."

She wasn't able to explain how the acquaintance knew her pin number, but Sladden believed the bank should have been more attuned to the possibility of fraud.

"The bank's failure to confirm the caller's identity contributed to the theft."

The bank agreed to reimburse its customer in full.

"It was a good result for the customer, but not one we usually see where the customer has disclosed their pin or password."

Sladden said it served as a reminder to read terms and conditions for all bank products carefully, and have unique combinations for each password.