Move to broaden banking safeguards

Banking ombudsman Liz Brown is to press for similar levels of customer protection for online and telephone banking as exist for other services.

The Banking Code of Practice is up for review this year and although complaints have been few, Brown wants to see similar rules to those applied to bank cards.

"The rule with cards is provided you've taken reasonable care with your card and pin, and reported it [lost] in a timely fashion, then the bank carries the risk of unauthorised transactions, apart from the first $50.

"And I would say provided you have taken reasonable care of your home computer and you've kept your virus protection up to date and not given your password to anybody, then much the same should apply."