10 tips for safer electronic banking and protecting yourself under the EFT Code

The Electronic Funds Transfer Code (EFT Code) protects consumers who use electronic banking such as ATMs and EFTPOS, or telephone and internet banking, to transfer funds.
Here are some important tips to remember about your rights and obligations under the code.

1. There are a number of situations where, under the EFT Code, you will get all of your money back if there was an unauthorised transaction on your account. For example:

* If a forged, expired or cancelled PIN or card was used;
* If there was fraudulent conduct by employees of your account institution or merchant;
* If the transaction took place before you received your card, PIN or code;
* If a merchant incorrectly debited your account more than once;
* If the transaction took place after you told your account institution that your card had been lost or stolen or that someone else may know your PIN or password; or
* If it’s clear that you haven’t contributed to the loss.

2. You won't get your money back from unauthorised transactions however if:

* You acted fraudulently or didn't keep your PIN or password secret:
* You unreasonably delayed telling your account institution that your card had been lost or stolen or that someone else may know your PIN or code.

Even in these circumstances though the amount you are liable for is subject to certain caps.
3. Liability will be split between you and your financial institution where a PIN or code was needed to perform the unauthorised transaction and none of the circumstances in 6 or 7 apply. In these circumstances your liability will be capped at $150 or any lower figure set by your account institution.
4. Under the code, your account institution is normally liable for any failure of their equipment or system. Also, your account institution can’t avoid their liability just because another party involved in the transaction, such as the merchant, caused the problem. You don’t have to make the complaint to one of these other parties, you can simply take your complaint to your account institution and require them to follow it up.
5. If you have a complaint about an electronic funds transfer you should start by raising the matter with your account institution. The EFT code sets our rules for dealing with these complaints.


6. Read your terms and conditions document. It will tell you your rights and obligations and things such as which accounts can be accessed with your card and/or PIN or code; any restrictions that apply, such as limits on how much money you can withdraw in a day and how to report the loss, theft or unauthorised use of the card or PIN.
7. Always check your statements to ensure there are no unauthorised transactions. Some transactions that look unfamiliar may appear that way because the merchant’s banking is done under another name.
8. Tell your account institution immediately if your card is lost or stolen or someone else may know your PIN or password. Also tell them immediately if you find an unauthorised transaction on your statement.
9. Never tell your PIN or code to anyone, including a friend or family member. Don’t record it on your card or with something you keep with your card.
Most unauthorised transactions happen because a person gave someone else their PIN or code. Safeguarding the secrecy of your PIN is the best way to protect yourself from unauthorised transactions.
10. You should avoid using your birth date or a recognisable part of your name as your PIN or code as this is easy for others to guess.