Would I protected from cyber-theft?

ravravrav

With stories in the news today about cyber-crime and hackers attacking banks I wonder if our savings are hit are we covered under the FSCS?

Reaper

You are protected by the bank not the FSCS, provided you haven't done anything negligent like tell everyone your username and password.

talexuser

The interesting question is how you could PROVE to your bank you have not been negligent with password/pin etc?

There used to be stories of cashpoint errors where the banks always said their systems were perfect, yet cases of internal fraud did occur but were loathe to be publicised by the banks.

bubieyehyeh

talexuser wrote: »

The interesting question is how you could PROVE to your bank you have not been negligent with password/pin etc?

There used to be stories of cashpoint errors where the banks always said their systems were perfect, yet cases of internal fraud did occur but were loathe to be publicised by the banks.

You don't have to prove anything. The rules say they must refund unless they can prove you were neglient.

grey_gym_sock

the danger is that they will argue that your password/pin was used to withdraw money, and therefore you must have either made the withdrawal yourself, or helped somebody else to, or been negligent.

as with cashpoints cases, the banks are likely to assert that their systems were working properly, and that therefore there is no security hole that somebody else (e.g. rogue bank employees) might have exploited. this can be difficult to counter unless you have very good expert witnesses on your side.

still, i wouldn't worry about it too much - there are downsides to everything, including new technology.

Glen_Clark

Rather than worry about it, you would be better employed by thinking up an unusual password, then something that reminds you of it that you can write down to remind you of it instead of writing down the password anywhere.