Banks in UK lost to financial fraud £133.5 million last year and £261.5 million to e-commerce fraud. According to current laws in most European countries, the banks were covering those expenses. However everything changes now.
The Bank of England, GCHQ and the government are taking into consideration the idea for the customers to pay the bill in case of successful fraud. Of course in case, where they did not take appropriate measure to secure their accounts/cards. The UK government also proposes to ban fraud victims from future usage of banking services.
According to a new study from the UK Fraud Costs Measurement Committee (UKFCMC), Experian and PKF Littlejohn, British economy loses to fraud about £193 billion every year. This number is huge, but imagine what would happen, if banks will not bother about their loses any more?
If this practice will be widely accepted by other European countries, the amount of money stolen from bank customers’ accounts will rise even more. This would mean real heaven for carders. A single person will not be able to force fraud investigation and the criminals will run free.
Just this Monday we were writing about massive withdrawal of money from ATMs in Japan. Imagine if the same happens in Europe, but the money will not be returned to you, because apparently you did not secure enough you card or PIN code.