UK Businesses Could Front The Bill For Bank Fraud

As the fallout over SWIFT’s cyber breaches continues, the U.K. has put forth proposals that would require the customers of banks – not the banks themselves – to cover the cost of fraud.

Reports last week in the Financial Times said U.K. lenders and government officials are looking at rule changes that would mean online banking customers with insufficient online security could face getting removed from the banking system altogether should a security breach occur.

It’s a major turnaround from an industry that routinely covers the cost of fraud whether the customer or the bank is at fault.

Reports said consumer advocacy groups have decried the proposed rule changes, arguing they would unfairly target, in the words of Money Fight Club co-founder Lindsay Cook, “the less sophisticated, the old and the frail.” For the full article click here 

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