TMCnet - World's Largest Communications and Technology Community



Electronic Banking - Protecting Your Rights
[December 18, 2012]

Electronic Banking - Protecting Your Rights

Dec 18, 2012 (M2 PRESSWIRE via COMTEX) -- Research and Markets ( has announced the addition of the "Electronic Banking - Protecting Your Rights" report to their offering.

This text will be of wide interest to individuals affected by problems that of card fraud, or banking error in which funds have been lost because of negligence. Banks have a mixed record of sorting these problems out and it is unclear to most of us what our rights are. Business and many hundreds of thousands of individuals are affected.

The use of information technology by the banks has changed the service offered so much, that it is difficult to recall what banking was like, even twenty years ago.

However, new risks came with the benefits of information technology. It took a while for criminals to work out how to exploit the weaknesses. But once the use of the Internet became widespread, criminals were able to take advantage of this new source of information, including knowledge about how to take advantage of weaknesses in the security of electronic banking systems and equipment. There are now markets that sell specialised know-how and equipment to criminal enterprises, and information is traded to facilitate the Only the banks (and the successful criminals) really know how electronic banking systems work and what the weak points are, and the banks prefer to keep their weaknesses secret. Some banks are even reluctant to accept that employees can be the cause of theft. There are cases where an employee changes the address of the customer, then orders a new card to be sent to the new address. The employee or their accomplices then use the card to steal money from the customer's account. This happened to Emma Woolf.

This means that when a customer suffers a loss, the bank might deny that its systems could have been at fault. As a result, the bank may blame the customer for the loss, and refuse to refund the money. Because the technical issues are complex, that leaves the customer at a significant disadvantage.

This publication is intended to help reduce this disadvantage.

Key Topics Covered: The electronic services offered by banks How the ATM system works and the weaknesses How internet banking systems work and the weaknesses The contract with the bank Carelessness of the bank and the customer Actions to consider when you have a problem When disputes occur The reporting process Complaining to the Financial Ombudsman Service Taking legal action Annex with useful web sites, etc For more information visit CONTACT: Research and Markets, Laura Wood, Senior Manager. Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Sector: Banking ( cat_id=52&campaign_id=jj8lrx), Online Banking ( cat_id=313&campaign_id=jj8lrx) ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at on the world wide web. Inquiries to

[ Back To's Homepage ]

Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments:
Comments about this site:


© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy