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Individuals to be Held Liable for Fraud Losses?

Individuals to be Held Liable for Fraud Losses?

The City of London Police recently considered asking the Bank of England and financial regulators to make individuals – rather than banks – liable for fraud losses, according to an article in the Telegraph.

With the advent of online banking many banks now offer advice to their customers regarding online security. Much of this is ignored or individuals are simply unable to secure their devices. “However, this situation could be transformed in the future, with the liability for losses shifting to online banking customers in the event that, after all the help and assistance they have been given, they continue to bank online using insecure devices.”

Whilst it appears that this recommendation will not now go ahead, is it not worrying that this was even considered in the first place?

Manchester Fraud Solicitors Ralli Solicitors LLP offer advice on this complex area of law. The further victimisation of businesses and individuals who are already victims of fraud seems extreme, particularly in light of the recent behavior of many of the banks.

An initial “cyber hygiene” programme to raise the public’s awareness of how to protect their digital devices from fraudsters will still go ahead in an attempt to address this ever growing problem.