Banks may have to confess cost of online fraud

KPMG has warned that Australian banks could be forced by regulators to publicly disclose losses caused by increased internet banking scams. Currently a lot of internet fraud is classified as bad debt and some banks are pushing for consumers to be responsible for any loss from internet fraud. The Australian Bankers Association has said that it is working with both the Australian Payments Clearing Association and the Reserve Bank of Australia to monitor and prevent online transaction fraud.