[LINK] Liability for Internet Banking (was Re: Suncorp security (Alan L Tyree)

[stephen at melbpc.org.au]

At 03:39 PM 19/02/2007, Alan writes:

>>> From: Stewart Carter <mail at ecommercereport.com.au>
>>> Date: 19 February 2007 10:21:32 AM
>>>
>>> ... Internet banking <snip> terms and conditions
>>> typically place the onus of liability on the consumer. 
>>> Seems unfair
>
> ASIC is reviewing the Code and is calling for submissions
> on their discussion paper at the present time. My own view
> is that ASIC is still "consumer friendly" and it is unlikely that
> they will change the Code to make consumers liable for phishing,
> for unsecure computers (at least if the customer doesn't know) ..

Just as it should be, too. If banks etc want us as customers
to use the Internet (and they certainly want to cease posting
paper-statements) then they must take responsibility for the
problems. No Win machine on the net is completely secure
and even reasonable security is difficult. So the fault criteria
must remain very consumer friendly until Windows is secure.

As noted, I do think banks should issue 'numbered' consumer
bank accounts which would facilitate e-commerce confidence.

> The main problem for the immediate future is that many new
> players will be offering electronic financial services. They are
> unlikely to subscribe to the Code willingly. The banks didn't do
> it willingly either, but it was subscribe or face legislation. I don't
> have any idea how this problem will play out.  Cheers, Alan

Yes, with offers of FD-100 Processing Terminals for free (For eg,
<www.ientry.com/EMPSFreeTerminal/> "the terminal accepts PIN
secured and signature debit cards, credit cards (including American
Express(R), Discover(R), and Diners Club(R)), contact-less reader
payments, gift cards, and much, much more") it's difficult to see an
Aussie code (or perhaps any code) being followed by many vendors.

>>> Stewart Carter
>>> www.ecommercereport.com.au

Cheers, Alan
Stephen Loosley
Victoria,
Australia

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