The ePayments Code: What you need to know about this key consumer protection framework in Australia

In the digital age electronic payments are an integral part of our everyday life. With the increase in online transactions, mobile banking, and credit card usage, as well as the increase in cybercriminal activity, the need for robust consumer protection mechanisms is even more critical. In Australia, the ePayments Code plays a pivotal role in safeguarding consumers in their dealings with electronic payments. This article explores the ePayments Code, its significance, and why consumers should be particularly mindful of its provisions concerning unauthorised transactions on their credit cards.

What is the ePayments Code?

The ePayments Code is a regulatory framework administered by the Australian Securities and Investments Commission (ASIC). It sets out the rights and responsibilities of consumers and financial institutions in electronic payment transactions. The Code applies to a wide range of electronic transactions, including: