ASIC upgrades Internet banking code

The Australian Securities and Investments Commission (ASIC) has launched a new code of conduct to cover all forms of electronic funds transfer (EFT) including Internet banking.

The code is aimed at providing greater protection to users of electronic banking and covers Eftpos transactions, telephone banking, credit card transactions, smart cards and pre-paid telephone cards. ASIC deputy chair Jillian Segal said the code deals with the allocation of liability when there is an unauthorised transaction on an account.

"Under the new code institutions will have to meet a higher standard of proof before a consumer can be held liable for an unauthorised transaction," she said.

However, the revised code will also impose obligations on users to protect their security codes when accessing electronic banking.

The Australian Bankers' Association chief executive David Bell said the self-regulatory code is aimed at boosting confidence in electronic banking and e-commerce as the previous code applied to ATMs and Eftpos transactions.

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