Tilikorvaus

Tilikorvaus is a Finnish term that translates to "account replacement" or "account compensation." It refers to a situation where a financial institution, such as a bank, reimburses a customer for funds lost due to unauthorized transactions or fraudulent activity on their account. This typically occurs when the customer can prove that they did not initiate the transactions and took reasonable steps to protect their account information.

The process of tilikorvaus involves the customer reporting the suspicious activity to their bank. The bank then investigates the claim, which may include reviewing transaction history, security logs, and customer statements. If the bank determines that the unauthorized activity was not due to the customer's negligence, they will typically credit the customer's account for the lost funds.

Finnish law and banking regulations provide a framework for tilikorvaus, outlining the responsibilities of both the customer and the financial institution. Generally, banks are expected to have robust security measures in place to prevent fraud. Customers, in turn, are expected to keep their account details confidential and report any suspicious activity promptly. The specifics of tilikorvaus can vary depending on the type of account, the nature of the fraud, and the terms and conditions agreed upon with the financial institution.