Online Liability
The Australian Securities and Investments Commission (ASIC) has received submissions from the Banking and Financial Services Ombudsman, the Law Council of Australia and BPay to pass on liability for internet banking fraud from themselves onto customers.
This follows an earlier announcement by Bendigo Bank and Suncorp that they would be seeking a shift in the blame for internet scams.
Bendigo Bank are of the opinion that customers should only have a two month timeframe to report any suspected fraud on their account while Suncorp wants customers who have continuous fraud activity on their account to be viable should it be proved their internet security is below par.
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