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A recent report on the UK Banking Code could place the liability for online banking thefts in the hand of customers. Anyone without up-to-date anti-virus software, spyware protection and a personal firewall could be judged as “acting without reasonable care” by banks.
"The new code, specifically sections 12.9 and 12.11, places the onus on bank customers to take reasonable care and make sure that their anti-virus and anti-spyware software are up-to-date,” said Yuval Ben-Itzhak, chief technical officer of secure web gateway company Finjan .
“If not, they might be held responsible for losses on their online banking account.”
Ben-Itzhak said the outlines laid down in the 2008 Banking Code report held specific concerns for business customers, who would need to review their IT security arrangements or face an uphill battle in recovering their funds in the event of electronic fraud.
“And with companies typically holding thousands of pounds in their bank accounts, the ramifications of an electronic fraud are extremely serious,” he said.
The Banking Code is a voluntary code that sets standards of good banking practice for financial institutions to follow when they are dealing with personal customers in the United Kingdom.
