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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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.