Despite speculation that the banking industry would push the Australian Securities and Investments Commission for a revised EFT Code that passed more of the liability for loss on to consumers, the Australian Bankers Association yesterday said it did not believe there was any reason to change the existing provisions regarding liability.ABA chief executive David Bell said in a media release summarising the association's view: "Bank customers will continue to be protected from loss in internet banking fraud cases."One of the questions posed by ASIC in its review of the EFT Code was: "Should account holders be exposed to any additional liability for unauthorised transaction losses resulting from malicious software attacks on their electronic equipment if their equipment does not meet minimum security requirements?"In reply, the ABA's submission said: "The ABA supports the continuation of the current approach. The ABA does not believe there is any reason to change the existing provisions regarding liability."The focus of the ABA submission was on what it described as the overly "technical and prescriptive" nature of the current version of the Code. It argued for a more principles-based approach that would allow members to make their own assessment of the products they offered to which the Code should apply and make their own decisions about how to implement the Code.The appeal of such an approach would be to encourage new members to adopt the Code.According to the ABA the majority of EFT Code members are APRA-regulated approved deposit-taking institutions. Its view is that electronic payments are taking on new forms and involving a variety of different non-ADI service provider.