ATM complaints remain low

COMPAINTS about unauthorised ATM and EFTPOS transactions has remained relatively low, with sixteen complaints recorded per one million transactions.

Card issuers reported a total of 1,710 million EFT transactions in the year to March 1999.

From these transactions there were 73,125 complaints. About

two-thirds of the complaints related to system malfunctions.

The remaining one-third related to unauthorised transactions.

Banks reported 8,551 disputes as against 2.9 billion transactions during the reporting period.

The findings come from the monitoring of the industries by the Australian Securites and Investment Commission during the period covering April 1998 to March 1999.

The ASIC monitors the banking, credit union, building society and Electronic Funds Transfer Codes of Conduct.

It took over the monitoring of the Codes from the Australian Payment System Council in July 1998.

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