George Quigley comments on the suggestion that banks should consider no longer refunding some online fraud victims.
George Quigley, partner in the cyber security practice at KPMG UK comments on the suggestion that banks should consider no longer refunding some online fraud victims. George said:
“There needs to be a balance between consumers taking reasonable steps to protecting themselves and banks putting in place measures to safeguard consumers. Unfortunately consumers do not know or see all of the frauds that are going on and, therefore, will find it hard to protect themselves from all of the various deceptions that happen on daily basis. Banks on the other hand see a fuller picture on fraud and are, therefore, better placed to implement controls to prevent it.
“Traditionally banks have focussed on speed and ease of transactions, and perhaps in the future, consumers will need to get used to transactions taking longer and more checks being applied. But the biggest worry is that banks will most likely be reluctant to inform consumers of the frauds they are seeing.
“Perhaps there is a role here for the police to inform consumers? The solution maybe a mix of consumers doing the right thing, banks putting in place appropriate measures and law enforcement informing consumers to prevent online fraud.”
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