Banks should be under a legal duty to prevent fraud, said a crime commission, in an extension of duty of care laws.
How expensive do we think banking would become?
The commission – set up by the police foundation, a think tank – said the principle had already been established with the government’s proposed statutory duty of care on social media firms requiring them to protect children from online harms like child abuse, suicide and self-harm.
“It is worth considering whether this duty of care ought to be extended beyond the social media companies to other industries, for example financial services, to prevent fraud and other forms of economic crime,” said the commission in its interim report published on Wednesday.
Banks must monitor every transactions, see who is spending what on what? Rilly?
Plus, of course, there’s no evidence that it would reduce the amount of fraud. Thinking they’re fully protected people might take even less care than they do now…..