In July, the NZ Bankers' Association's new Code
of Banking Practice
came into effect. To paraphrase their new
internet banking rules, if you any lose money as a result of using
internet banking, tough luck!
How about this from page 36;
"You have breached our
terms and conditions by doing the following... you have used a computer
or device that does not have appropriate protective software and
operating system installed and up to date."
There are no clues about precisely what this software might be. Is
Windows 2000 okay? Windows 98? Linux? Could they claim that XP's been made redundant since the advent of Vista?
"You have failed to take
reasonable steps to ensure that the protective systems such as virus
scanning, firewall, antispyware, operating system and anti-spam
software on your computer are up to date."
Again, no clues. And notice that "such as". If you get ripped off and
you have everything up-to-date except the very latest anti-virus
download, they can weasel out of recompensing you.
And in case you're wondering how they'll know what you're using;
"We reserve the right to
request access to your computer or device in order to verify that
you have taken all reasonable steps to protect your computer
or device and safeguard your secure information in accordance
with this Code. If you refuse our request for access then we
may refuse your claim."
I don't use internet banking because I know how shitty most of their
security systems are. One I looked at a few years ago only accepted
six-character uppercase alphabetic passwords! No lowercase, numbers or
symbols. It was a hacker's dream! Now, instead of beefing up their
security to meet increasing threats, they've simply re-written their
rules and passed the buck onto their users.
What a pack of bankers!
There's only one language these guys understand and that's business. If
your bank doesn't have adequate internet banking safeguards, move to
one that does.
Bruce Simpson on Aardvark has
identified one crap bank
; Westpac. So how do reader's rate the
others? What security systems does your bank use? Drop me a comment and
we'll start a list...
* Update 7 August 2007 *
Chris Keall covered the banks demanding a look inside you in a blog
entry a little while back
. That drew this delightful
observation from reader Linsay;
happens if I had used an internet cafe on the other side of the
world... will they demand a look into that PC?
Yes I know, I shouldn't use a PC I can't be sure is secure and yet the
banks don't seem to mind:
"From home, the office, or anywhere you have access to the Internet"
"...using any Internet-enabled computer, anytime, anywhere in the
"...at a time and place that suits you. At home, at work, or anywhere
in the world with access to the net via a computer"
have my money, 'they' should have security to ensure 'they' don't loose
Nice one, Linsay! What do other readers reckon...?