Critical.
Authoritative.
Strategic.
Subscribe to CIO Magazine »

ASIC ePayments Code to offer better protection

Consumers won't be liable for unauthorised electronic transactions under new Code

A revised ePayments Code designed to offer consumers better protection when conducting business online has been released by the Australian Securities and Investments Commission (ASIC).

The new Code follows a review of the previous Electronic Funds Transfer Code of Conduct (EFT Code) and will regulate consumer electronic payments including automatic teller machines (ATM), EFTPOS, debt and credit card transactions including contactless transactions, online payments, internet banking and BPAY.

For example, under the new Code a consumer whose online account has been hacked into and used by a third party for unauthorised transactions will not be liable if the financial provider is a subscriber to the Code.

Electronic payments processor, PayPal Australia, has agreed to sign up to the revised Code by the end of the transition period from the EFT Code on 20 March 2013.

ASIC chairman, Greg Medcraft, said in a statement that the regulator expects banks, credit unions and building societies who are members of the old Code to join soon. It is also in talks with other providers such as prepaid debit card operators, gift card retailers and travel money providers. “Our new Code sets out best practice in consumer protection in plain English. It will encourage consumers to have confidence in our ePayment systems,” he said.

“I encourage all providers of consumer payment products to demonstrate they put their customers first and subscribe to the Code. Industry members are important gatekeepers and self-regulation has a role to play in improving industry standards and consumer experiences.”

Follow Hamish Barwick on Twitter: @HamishBarwick

Follow Computerworld Australia on Twitter: @ComputerworldAU

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: ASIC, PayPal
References show all

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the CIO comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: ASIC, epayments code
Latest Blog Posts
Whitepapers
  • Collaborative software delivery: Managing today’s complex environment to improve software quality
    IBM Rational Team Concert software can help simplify, automate and govern the delivery process. Based on the open standards Jazz platform, it offers a lean collaborative application life cycle management (ALM) solution with integrated planning, work-item tracking, version control, build management and reporting.
    Learn more »
  • Oracle x86 Rack Servers Optimized for Rapid Deployments and Operational Efficiency
    Business-critical and mission-critical workloads — demanding applications and databases — require stable and secure environments. When these types of workloads are deployed on x86 servers, the need to ensure business continuity, maximum uptime, and consistent processing means that IT managers and business unit managers are looking at enterprise x86 servers in a new way: They realize that the business depends on these servers and that x86 server platforms for the enterprise are no longer expendable, as they might have been when servers were dedicated to a single application — or when they were deployed as small Web servers that could be easily taken offline and replaced.
    Learn more »
  • NetScaler 2048-bit SSL performance advantage
    Citrix® NetScaler® provides advanced layer 4-7 traffic management and load balancing. Like other leading Application Delivery Controllers (ADCs), NetScaler can offload computationally expensive SSL processing responsibilities from web and application servers to speed the delivery of SSL-protected applications. Learn more.
    Learn more »
All whitepapers
rhs_login_lockGet exclusive access to Invitation only events CIO, reports & analysis.
Recent comments