Blade Watch

http://www.finextra.co.uk/fullstory.asp?id=18699

The UK’s House of Lords is calling on the government to make banks legally responsible for losses incurred by customers through electronic fraud.

The House of Lords Science and Technology Committee follow-up report on Internet security, which was published today, says legislation is now needed because the current Banking Code does not offer people enough protection against losses arising from fraud.

By forcing banks to accept liability, they would be provided with an “incentive” to beef up their Internet banking security, says the report.

The committee expressed concern that banks often refuse to refund victims of online fraud when a password or PIN has been used, claiming that the customer must have been negligent or complicit.

This is an interesting development, I wonder how this will change not only the way you do business with your bank, but how they support you? Could we ever see the point where the bank issue you with security software? With a bank specific tool/platform for Internet banking? A virtual machine running linux on a usb key?

Related posts:

1. Applying security patches remains core Computer Weekly Microsoft has confirmed that it is investigating reports...

Related posts brought to you by Yet Another Related Posts Plugin.