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A new banking code launched earlier this week by the British' Bankers Association (BBA) states that customers who 'use up-to-date anti-virus and anti-spyware software and a personal firewall' cannot be held liable for losses caused by online theft.
In the past the banking code - a voluntary arrangement upheld by most major UK banks - did not state this explicitly and while the losses of most online fraud victims were covered by their banks, the banks were not legally required to do so.
Last year customer rights group Which? called for changes to the rules regarding the compensation paid out by banks when their customers are victims of online fraud - those changes have now been implemented.
Which? also criticised banks for sending emails to customers and thus causing confusion over authenticity of communications. While the new banking code urges users to treat emails claiming to come from their bank with caution and to 'be wary of emails asking you for any personal security details', it does not go as far as to pledge that the banks themselves will not send such emails.
With phishing emails becoming increasingly stealthy these days (including some that actually warn about phishing), emails coming from the banks themselves - especially those that suggest the user clicks on a link to access their site - will only add to the confusion and give phishers a helping hand in fooling users into believing their emails are genuine.
More can be found at The Register here while the new banking code can be downloaded from the BBA website here.
4 April 2008 ... VB News
In the past the banking code - a voluntary arrangement upheld by most major UK banks - did not state this explicitly and while the losses of most online fraud victims were covered by their banks, the banks were not legally required to do so.
Last year customer rights group Which? called for changes to the rules regarding the compensation paid out by banks when their customers are victims of online fraud - those changes have now been implemented.
Which? also criticised banks for sending emails to customers and thus causing confusion over authenticity of communications. While the new banking code urges users to treat emails claiming to come from their bank with caution and to 'be wary of emails asking you for any personal security details', it does not go as far as to pledge that the banks themselves will not send such emails.
With phishing emails becoming increasingly stealthy these days (including some that actually warn about phishing), emails coming from the banks themselves - especially those that suggest the user clicks on a link to access their site - will only add to the confusion and give phishers a helping hand in fooling users into believing their emails are genuine.
More can be found at The Register here while the new banking code can be downloaded from the BBA website here.
4 April 2008 ... VB News