People frequently lose a significant amount of money due to hacking, fraud, or extortion with no legal recourse. This is not where you want your grandparents parking their life’s savings.
My credit card was skimmed and charged $2000 in the US a couple of months ago. I blocked the card from my phone, files a dispute and the charges were reversed.
The most annoying part was updating all my linked services, but I lost no money.
If someone literally robs the bank I have an account with, I also lose no money even if they actually steal some from the physical vault.
