Shearman partner Barney Reynolds was quoted in World Finance magazine discussing the balance of privacy, security and regulation in online banking.
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Combatting fraud with online security
Barney Reynolds, Partner and Global Head of the Financial Services Industry Group at Shearman & Sterling, pointed out that while banks’ systems need to be audited for key checks, such as customer and seller identification and double-checking surprising transactions, customers also need to be careful of new purchasing techniques as technologies evolve. Reynolds suggested that the safest thing is to tell the public they should only rely on institutions that are listed on the FCA’s register.
