Fraud loss under the Australian Electronic Funds Transfer Code: is it efficient?

Assesses the effectiveness of the Australian Electronic Funds Transfer Code of Conduct, focusing on the test for allocating fraud loss. Comments on problems which resulted from the change of customer's mandate from a written signature to a personal identification number (PIN). Outlines the background to, and problems with, the loss allocation rules in the 2002 version of the Code, in particular regarding the burden of proof and the types of behaviour which render the user liable. Compares the position under the US Electronic Funds Transfer Act.