A new Australian Code of Conduct that aims to minimise the risks involved with electronic banking, is a one of its kind in the world and a big win for the consumer, according to a local e-security expert.
The Electronic Funds Transfer Code of Conduct (EFT Code) comes into force on April 1, 2002, and aims to make Internet banking safer for consumers.
According to Leif Gamertsfelder, head of the e-security group at Deacons lawyers, the Code brings two main benefits to the Australian consumer. "It gives the consumer an extremely clear understanding of when they are liable and when institutions are liable" for unauthorised account transactions, he said. "We have to make it abundantly clear where the consumer stands."
The second benefit, which he describes as a "huge bonus for consumers", is that in the event of a dispute the Code puts the evidentiary onus on the institution. This forces the financial institution to come up with evidence rather than the consumer who is "generally under-resourced and fighting very big players". It puts the consumer "in the box seat," Gamertsfelder told ZDNet Australia.
News source: ZDnet Australia
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