ABA WELCOMES EXPANDED ELECTRONIC FUNDS TRANSFER CODE OF CONDUCT Sydney, 5 April 2001: The Australian Bankers’ Association (ABA) welcomes the finalisation of the Australian Securities and Investment Commission’s (ASIC’s) expanded and revised Electronic Funds Transfer (EFT) Code of Conduct. ABA Chief Executive, David Bell, said the updated EFT Code, will now apply to a wider range of electronically initiated funds transfer transactions including Internet banking, telephone banking, on-line shopping and smart cards. "The old Code needed to be updated because it applied only to transactions initiated by the combined use of a card and a Personal Identification Number (PIN) through Automatic Teller Machines (ATMs) and EFTPOS machines," Mr Bell said. "Now this important self-regulatory Code will give consumers even more confidence in conducting their electronic banking and other e-commerce," he said. "ABA member banks have been instrumental in helping to update the Code, by participating in a working group convened by ASIC comprising representatives of government, industry and consumers." "We applaud the release of the Code as a world-first in terms of its broader protection for consumers." For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS