Banks May Decline Online Fraud Refunds
Customers may have to take more responsibility for online fraud
13th November 2004
A spokesman for a banking industry body has warned that in the future customers may have to be more wary about online fraud, or risk being refused refunds if they become a victim.
Following the huge amount of online 'phishing' fraud attempts, banks have given their customers unequivocal advice that they should never disclose their account details via email, yet around 2000 people beome victims each year, costing around £4.5m in refunds.
The banks are thought to be considering tightening up their refund criteria, so that once a customer has been made fully aware of the banks' rules on email communication, if they fall for an online phishing scam the bank will be under no obligation to refund the loss.
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