Keeping consumers and small businesses safe is key for regulators as online pandemic habits accelerate the shift to electronic payments and assist fraudsters.
The corporate watchdog on Friday released proposed updates to the ePayments code, with feedback due in July.
The voluntary code provides important consumer protections for people using online payments, internet and mobile banking, ATMs, EFTPOS, and credit and debit card transactions.
The Australian Securities and Investments Commission wants to extend the code to small businesses, citing a higher risk of mistaken internet payments and unauthorised transactions.
The government has already accepted advice from regulators that the code should become mandatory and the revamp is an interim move ahead of any new laws.
The proposed changes cover complaints handling, compliance monitoring and data reporting, mistaken internet payments, small business protections, and unauthorised…