Police reject bank clients copping losses

The Victorian Police have criticised suggestions that consumers be made responsible for losses from internet banking, also indirectly accusing banks of contributing to the opportunity for crime through slack customer authentication practices. The criticisms are in a submission to the Australian Securities and Investments Commission's (ASIC) review of the electronic funds transfer code. Police are also unhappy about proposals that bank customers be required to carry a minimum standard of computer security before banks provide indemnity against losses from internet fraud, arguing that banks are better placed to deal with electronic security.