(24 January 2007 – Australia) The Australian Securities and Investment Commission (ASIC) has issued a consultation paper asking for submissions to review the Electronic Funds Transfer Code of Conduct (EFT Code).ASIC is attempting to gauge liability issues for banks impacted by online crime and phishing.
At the moment, Australian banks reimburse their customers who succumb to phishing scams that attempt to steal their account details and passwords.
ASIC is seeking industry feedback on whether it is the account holders who assume liability for unauthorised debits from their accounts if their computers do not have minimum security requirements.
ASIC consumer protection executive director Greg Tanzer said the review will address whether account holders should be required to bear any liability for losses resulting from online fraud.