UK banks want to make *YOU* liable for bank fraud.

[Dick Emery]

Bank customers may be obliged to bear the bill for fraud against their accounts, under proposed changes under consideration between banks, the UK government and GCHQ.

Under the plans, individuals or companies with poor online security could be “frozen out of banking services or even excluded from the system whereby banks compensate customers whose accounts are hacked”, the Financial Times reports.

UK banks - unlike those in the US - routinely cover the costs of online fraud, at least in cases where customer negligence (such as sharing PIN codes or cards with third parties) is excluded. Pushing the burden of fraudulent losses towards customers is likely to be hugely controversial. Bankers’ bonuses in the wake of taxpayer-funded bailouts of several banks in 2008 have already caused a huge series of rows and radical changes in liability for online banking fraud through phishing and banking trojans is likely to be even more contentious.

 

 

http://www.theregister.co.uk/2016/05/26/bank_fraud_liability_shake_up/

[king12345]

Reading a lot of stories online, they seem to try every trick in the book to avoid refunding victims of fraud.

And then they want me to use contactless payment and mobile banking via unsecured WiFi.

Mental!