| The advent of the internet has resulted in a whole | | | | anti-virus software it would be very out dated. If you |
| new set of fraud related problems for the banking | | | | don't own a PC but use one at work or in a |
| industry. In the past the issues resolved around, cash | | | | cybercafé to carry out your online banking you |
| machines, credit cards and bounced cheques. The | | | | have no control over the anti-virus software, would |
| result, the cheque clearing process became longer. | | | | you still be liable for any losses from your account. |
| The new 2-4-6 cheque clearing rules reflect the fact | | | | The clause is very ambiguous as the term antivirus |
| that the problem with banking fraud has switched from | | | | and spyware software is very wide. It encompass a |
| cheques to online. | | | | wide range of software from free downloads to the |
| The banks in the UK have quietly passed an | | | | more expensive monthly subscription services. The |
| amendment to the online banking code that could result | | | | reality is that most of this type of software struggles |
| in less protection for their online customers. The subtle | | | | to keep up with the developments in online fraud. The |
| change is the incorporation of a new clause 12.13. This | | | | fraudster's test their new virus and spying tools against |
| clause states that "Unless you have acted fraudulently | | | | current software to ensure that they can gain access |
| or without reasonable care (for example, by not | | | | to the data that they require to carry out the fraud. |
| following the advice of 12.9), you will not be liable for | | | | Are the banks simply admitting defeat and shifting the |
| losses caused by someone else which takes place | | | | burden from their own systems to that of the |
| through your online banking service.." | | | | consumer? You can still get home insurance without |
| The escape clause for the bank is 12.9, the clause that | | | | security guards at your front door but it seems as if |
| states that you must "use up-to-date antivirus and | | | | the banks don't want to play by the same rules. Surely |
| spyware software and a personal firewall..". The issue | | | | it should be down to the bank to ensure that it has in |
| revolves around what is up-to-date and even what is | | | | place systems that maintain security. The advent of |
| antivirus and spyware software. | | | | third party security keys has been an attempt to |
| If your antivirus software is not updated ever moment | | | | address this issue. The banking industry have |
| then it is by its nature not up-to-date. If you only turn | | | | managed to shift the emphasis for security onto the |
| your PC on once a week or so then in terms of | | | | consumer and potential the losses as well. |