Bank in the UK? Plans afoot to make YOU liable for bank fraud

[steve2470]

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

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.

The circumstances suggest that ministers are floating an idea they already know is controversial, even politically unpalatable. If anything comes to light it's likely to be much diluted.

[Wellstone ruled]

1. And this same thing is in the works here in the

good old USA.

[Bad Dog]

2. They're floating this while everyone's attention is on Brexit.

A good time to bury bad news.

[LeftishBrit]

3. 'Hugely controversial' - certainly!

If someone commits a crime, the victim shouldn't be the one to pay!