APACS, the UK payments association, welcomes the report released yesterday by the Lords Science and Technology Select Committee and supports many of its broad conclusions. APACS is currently conducting a thorough review of the full report and will respond accordingly upon the completion of its review.

At a high level APACS generally supports:
• The idea that resources for the police and criminal justice system need to be increased;
• The concept of a “kite mark” but have reservations about how it can be practically applied;
• The need to ensure the shared ownership of responsibility of all parties involved in undertaking and processing payments and transactions over the internet.

Banks believe they have an excellent track record of taking their customers’ security seriously. Over the last three years since these online threats emerged, the industry has been extremely proactive in raising awareness amongst its customers and educating them on the need to ensure the security of their computers.

Individual banks have published online guarantees stating that innocent victims of online banking fraud can expect to be reimbursed, providing they have taken reasonable care.

We have also engaged with internet service providers and law enforcement officers to ensure new risks are identified, intelligence is shared and best practice is developed.

For further information please contact the APACS information office on 0870 420 3208 or email apacs@fourcommunications.com.