Australia's banks wanted more control over consumer devices

Australia’s banks unsuccessfully urged corporate regulator ASIC to consider letting them impose security and device rules on customers that used online banking services.

The proposals, which were rejected by ASIC, emerged in the regulator’s latest report in its long-running inquiry into epayments.

ASIC’s proposals had included rewriting the ePayments code to accommodate biometrics, modernise some definitions, apply the code to the national privacy principles, and apply the same rules to digital and paper receipts.

Rather than merely updating the code to accommodate biometrics, the banks requested “a more fulsome modernisation of the code”, the regulator wrote in its report.

While the report said respondents generally supported adding biometrics into the code, some had reservations that included a “need to place some responsibility on consumers to better protect their personal devices”.

The banks, ASIC’s report said, wanted the ePayments code to address “how consumers can protect themselves when using personal electronic devices to make payments”.

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Source: Australia’s banks wanted more control over consumer devices – Security – Software – iTnews