Bank online at your own risk Liability to be moved to customers.

The future of internet banking is under a cloud as consumers face picking up the $25 million annual bill for inadvertingly falling victim to online scams according to The Daily Telegraph journalists Henry Budd. Banks currently reimburse customers who are electronically robbed by the growing number of viruses that steal data including passwords and personal details. But a proposal being reviewed by the Australian Securities and Investments Commission (ASIC) will shift the burden to consumers, making them liable for any and all bad transactions they make. Under ASIC's review into the Electronic Funds Transfer Code of Conduct, unless they have an unspecified "minimum or adequate" security, they will be liable for their own losses. At the very least, consumers who use internet banking will be forced to spend $60 a year in order to keep antivirus software up to date. ASIC's executive director of consumer protection Greg Tanzer said the review of liabilities timely given the rise in the number and sophistication of internet fraud. "(It) will clarify what the responsibilities of consumers are," he said.