Banks told to tackle online fraud

Eleanor Hughes, press officer at the FSA, says while the recommendation in the FSA’s Financial Risk Outlook – to be published on Wednesday – is not FSA guidance, it builds upon the rule firms must have systems and controls in place to reduce the risk of fraud and, if firms do not comply with the rule, the FSA could use enforcement powers in extreme cases. The FSA’s research shows half of active internet users are “extremely” or “very” concerned about the potential fraud risk in making an online transaction and, while consumers are protecting themselves by installing security software on t...