According to the new UK banking code, customers who keep a high level of security on their PCS will not be held responsible for any instances of online theft. The British Bankers Association (BBA) claimed that those customers who take the security measures of using up-to-date virus protection, as well as anti-spyware software and a firewall cannot take responsibility for online theft.
The update to the banking code, which is a voluntary code that most UK banks uphold, has taken place due to soaring levels of online fraud and the question over what is covered by the banks .
Pressure from consumer groups over online banking practices, including consumer rights group Which? clamoured that the rules should be changed. Which? also made very valid noises about bank email communication with consumers, giving rise to phishing emails. The banking code may be downloaded from the BBA website.
Better protection for banking customers
Financial Services > e-banking > Banking news
Better protection for banking customers
Fri, 04 Apr 2008
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