Information Security Incidents

UK Fraud Victims Must Now Report Crimes to Banks (March 30, 31 & April 2, 2007) As of April 1, 2007, the UK's Fraud Act 2006 directs that, "in most cases, consumers will be required to report check, plastic card and online fraud offenses to their" financial institutions rather than to police. Those institutions will then forward the information to the authorities as they see fit. The change was made "to reduce the level of bureaucracy involved in fraud recording and to streamline reporting and the initial investigation of such crimes." There is concern that the banks will use this new position of authority to hide the actual incidence of fraud. Furthermore, banks lack the "knowledge, expertise
and powers" to handle the cases. The rules affect England, Wales and
Northern Ireland.