UK Banks planning to wriggle out of fraud compensation. Q Who is best insurer?

markcross

According to this piece on RT. (Can't post it, I'm a first time poster)

Brits who use online banking services vulnerable to criminal hackers could be made liable for financial losses stemming from theft, as intelligence officials, central bankers and Downing Street seek to shirk responsibility.
The potential policy shift could see firms or individuals with poor online security left without compensation if their bank accounts are hacked. Customers vulnerable to hacking could also be locked out of vital online banking services under the proposals, the Financial Times reported on Wednesday.

QUESTION: Who provides the best insurance for this sort of fraud, if as consumers we're going to have to pay for our own insurance?

BTW: It's no good writing your MP, nothing is going to happen, yes it's a great case for Bitcoin, but unfortunately much as 1% of the population can cope with great new shiny technology 99% can't.

antrobus

markcross wrote: »

According to this piece on RT. (Can't post it, I'm a first time poster)....

RT is Russia Today, funded by the Russian government, and a mouthpiece for that nice Mr Putin. It's a propoganda vehicle, not a news source.

markcross wrote: »

...BTW: It's no good writing your MP, nothing is going to happen, yes it's a great case for Bitcoin, but unfortunately much as 1% of the population can cope with great new shiny technology 99% can't.

Yea right, like no one has ever hacked a Bitcoin exchange.:)

AnotherJoe

I think if the bank wont cover you because you were recklessly careless, neither would any separate policy.

The kerfuffle about this was down to banks not wanting to take liability when customers had done things like leave their banking passwords easily available or take absolutely zero precautions about having a secure computer. And it was only a "float" that IMO is unlikely to happen, they could argue those kind of cases now anyway (and sometimes do)

So, its generally a non story,and should it ever come to pass no doubt insurance policies will come into being that will cover this though they are likely to be caveated to death and worthless. If you leave your PIN in your wallet on a bit of paper no insurance will pay out for that.

IMO you'd be better of having a good household isnurance with legal protection. And yes, what antrobus said about bitcoin, your faith is misplaced, didn't you hear about all those folks who lost six figure sums and more when a bit coin exchange got taken down?