Cybercrime booms as banks prepare to deny liability

Online shoppers are being advised to protect themselves against booming cyber-crime, at a time when banks may be looking for ways to avoid responsibility for covering these losses.

Online shoppers are being advised to protect themselves against a doubling in cyber-crime. Last year, thieves stole more than £50m through website purchases, according to the UK payments association, up from £22m the year before.

And there are now signs that banks may be looking for ways to avoid responsibility for covering these losses. Under the Banking Code, those who have not acted with “reasonable care” to protect their details won’t be protected. However, “reasonable care” no longer means safeguarding PIN details but having up-to-date antivirus software and avoiding malicious emails.

Banking security expert Steven Murdoch, from the University of Cambridge, says the most effective protection should come from the banks, but there are some things that consumers can do to protect themselves from falling victim.

Read the rest of this item from The Financial Times here