Re: Make card readers optional!

Henti Cook recently made this blog post about wanting banks issueing one time token generating devices to allow customers to “opt-out”.

Whilst I agree that these devices are annoying, there is a point to them.

As far as I am aware, the bank is liable for any fraudulent activity on your online banking account. I.e. if someone makes a payment from your online banking account that is not you, the bank has to pick up that cost.

Would it be a fair trade from a bank to allow you to opt-out of the card readers if and only if you also opt-out of their online banking fraud protection? I am not even sure if they are legally allowed to allow you to opt-out of this fraud protection.

Therefore, can you really see banks accepting more risk than they necessarily have to?

£Millions are stolen every year due to fraud, with banks taking the hit. Is it fair to ask them to take more risk? If they do accept higher risk, what do you expect will happen to the interest rates they offer and charge to compensate for this additonal risk?

In spite of how irritating they are, I believe that these card readers are a necessary evil, and that bank’s customers should support them.

It is reassuring to note that only 8 people have signed the petition asking for users to be allowed to opt-out. I hope that this number stays low.

With the risk of fraud as high as it is, any measure a bank can take to reduce it is something that should be welcomed with open arms by their customers.

I have been a victim of fraud. It is not fun. It is not nice. Please allow the banks to reduce the risk of something happening to you!

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