UK Banks Could Refuse Refunds
The Association for Payment Clearing Services (APACS) in the UK says that after consumers have been advised of online risks such as phishing, they may stop providing refunds to those customers who have safety information but ignore it.
"A good parallel might be with something like card fraud - if you act reasonably, you are covered." She said the majority of victims would fall within this category. But where a customer had "not acted with care and been negligent", banks in three or four years' time could begin refusing refunds, Miss Quinn said.
Jeremy Wagstaff comments on the story on his weblog.
Sadly, I think banks still don't get it. They think phishing is a static problem that will recede as more people know about it. But that's not it at all. Phishing is the thin end of a new wedge that will lead to increasingly sophisticated efforts to use technology and social engineering to part consumers with their data and money. The banks' role is not to put a few silly little warning notices on their website and set up silly little websites nobody visits (like this one) but to throw serious resources at protecting their customers: by building secure sign-on systems, by monitoring the bad guys, by offering well-staffed and accessible customer support hotlines. Anything less is a dereliction of responsibility.
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