Member

I do not believe anything has changed since we issued our report, which said clearly that these facilitators—that is what they are—will not take serious action unless there are real financial implications for them by doing it. At this stage, I am not hearing anything that does that. We have seen how putting the liability on the banks has made the banks change their behaviour; they are doing much more now to identify and stop fraud. The paying bank—my bank, when I am being defrauded and I pay the money out—is much less responsible for the fraud than, for example, Facebook or whoever, and the bank that receives the money is arguably much more responsible. It was a success that we got the liability there split 50:50, but it needs to be looked at further. The liability should be more on the bank that actually processes the money for the fraudster. However, it is analogous. There is no difference between my bank making the payment at my request and Facebook; they are just part of the chain, and we need to break that chain, as our report said.