Banking: Consumer responsible for malware losses

Monday, 7 Apr 2008. Categories: UK

British consumers are responsible for losses incurred while internet banking with insufficient anti-virus software and anti-phishing protection under new banking codes, it has been reported.

The Banking Code, put together by the British Bankers' Association, has been upgraded to ensure financial institutions are not held responsible for losses made through consumer IT security inadequacies, news resource the Register noted.

Now, the code states that consumers who do not display reasonable care and suffer losses as a result will be held responsible for them.

One of the reasonable care requirements is: "Keep your PC secure. Use up-to-date anti-virus and spyware software and a personal firewall," the Register continues.

The Royal Bank of Scotland urged online bankers to ensure their computer's security software is fully up-to-date.

Furthermore, people should ensure their firewall monitors both incoming and outgoing traffic to maximise the control they have over the information entering and leaving their PC.

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Banking: Consumer responsible for malware losses

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