Banks under spotlight for handling of online fraud
The Financial Sector Conduct Authority has published for comment a draft conduct standard for the banks, aimed at ensuring that banks treat customers fairly
Banks are known to offer secret settlements to some of their clients following online banking fraud. But this practice has caught the attention of the body regulating the market conduct of banks and will be subject to scrutiny in terms of a conduct standard for banks, which will come into operation on October 1. The Financial Sector Conduct Authority (FSCA) has published for comment a draft conduct standard for the banks, aimed at ensuring that banks treat their customers fairly. These standards are a response to a number of conduct weaknesses identified in reports by the Competition Commission and the World Bank Group. One of the draft conduct standards obliges banks to regularly monitor their systems and processes to ensure customers are not exposed to risks. Caroline da Silva, the head of regulatory strategy at the FSCA, told Money her office had had extensive engagements with banks to find out how they deal with cyber risks in digital banking, including how criminal attacks are ...
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