Wednesday, July 23, 2008

If banks were to be liable for on-line fraud

According to a recent report on Finextra, the UK's House of Lords would like to make banks legally responsible for lasses incurred by customers through electronic fraud. This made me wonder about how banks would act if they were liable and what would the legal rules be that would constitute a customer loss? How will banks ensure that they can eliminate customer fraud made up to look like a loss? Would Internet banking and mobile banking security mechanisms be the same as what they are today?

Maybe if the laws were more strict, one would see more secure electronic banking solutions?

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