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Banks have little to no control over this. Banking regulation E controls this aspect.

So yes, a reason to keep it at your bank (which is regulated heavily).

Your bank conducts the investigation. They have a lot of control. Good luck recovering $96,000.

This guy[1] was refunded £70,000 he willingly transferred to scammers! Hard to imagine the same thing happening in the crypto-sphere.

[1]https://www.theguardian.com/money/2023/mar/06/i-paid-70000-t...

If it wasn't you. Reg E says you're not liable. Literally in the regulations. You will recover that $96,000. Anyone who has worked in bank industry will tell you this.

Yes, because we can take law at face value. So many court cases end up with result that comes from technicalities, like specific interpretation of who "you" are in the context of "transaction"

Reg e ties to your fdic insurance. Banks risk their fdic insurance if they are caught not following reg e. I don't know of anyone who lost money due to their account being hacked with the caveat they didn't share their login details to their spouse or kids and they reported the unauthorized transactions within 60 days.

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