Banks should cover fraud losses
Date: December 17, 2007Source: stuff.co.nz
The bank workers union, Finsec, has called on all banks to follow Westpac and BNZ's lead in providing protection to customers hit by losses as a result of online fraud.
"All banks encourage customers to do a lot of their banking online. It is only fair that in return banks cover all losses customers may incur as a result of doing their banking over the internet, " Finsec campaign director Andrew Campbell said.
"Many customers financially struggle and may not always have their anti-virus and other software up to date."
"It is unreasonable to pass the blame on to customers who may not have the technical knowledge currently required to avoid liability for online fraud that is out of their control."
The BNZ said yesterday it would not require customers to have the latest protection software. Westpac announced in August it would reimburse customers for any money lost as a result of Internet banking fraud.
It said it would also make its card authentication system for online banking compulsory next year.
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