Banks reject claims that they want customers to foot bill for internet fraud
Tue Jan 23 2007
The Age --- Page: B3 : 23 January 2007 Original article by Marc Moncrief
ABIX Summary
The securities watchdog in Australia plans to review the electronic funds transfer (EFT) system of payment. The Australian Securities & Investments Commission (ASIC) will look at the code of conduct covering transactions made via EFTPOS, ATM, internet and telephone banking. The review will consider whether banks should reimburse customers who have lost money online or if customers should take some responsibility for keeping their computers secure. A discussion is raging about whether bank customers should be asked to update their virus protection software and firewalls, to stop internet fraud. The Australian Consumers' Association does not want to see all the responsibility placed on the individual users.
