New Zealand: Online Banking Fraud Liability Issues Still Up In The Air?
Banker's Association chief executive Alan Yates remains confident that banks will reach a consensus on the terms of a controversial code of practice for the industry that will cover Internet banking, after four months of silence from them on the progress of negotiations.More here.
The association announced in August that banks were considering "clarifying the code", which was issued in June, and had taken media criticism of it on board.
It would then consult with NZ InfoTech and Computerworld, InternetNZ and the Consumers' Institute, which proposed a range of revisions.
The code of practice, issued in June, asserts the right of banks to pass liability for fraud losses on to customers, potentially emptying their accounts, if customers access Internet banking on computers that are not fully protected with up- to-date security software.
Background here.
posted by Fergie @ 12/16/2007 09:28:00 PM
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