Fergie's Tech Blog

UK: Fraud Losses by Banks Shifted Onto Consumers

Via SecurityPark.net.

The newly revised UK British Banking code means that fraud losses by banks will now be shifted onto consumers. The new code allows banks to hold customers personally responsible if they have not taken adequate security measures to protect themselves.

The research, published this month by analyst firm Gartner, documented that 37% of respondents were unsure how they had become victims of credit card fraud and a further 19% attributed credit card account breaches to retailers, government agencies or third parties. Data from the US and the rest of Europe also suggests that similar trends exist, as companies in these regions are looking to adopt a similar policy.

While the new guidelines advise that customers' computers must be kept secure to protect sensitive data, it offers little or no real assistance on how to use firewall and antivirus/spyware protection effectively or ensure adequate security standards.

posted by Fergie @ 5/01/2008 09:43:00 PM