The new UK voluntary Banking Code could leave online banking customers liable for losses on their account if they fail to keep their PC secure with up-to-date antivirus and anti-spyware software and a personal firewall.

Security firm Finjan highlighted sections of the new Code which specify that online banking customers must be able to show they are not "acting without reasonable care".

"The new code, specifically sections 12.9 and 12.11, places the onus on customers to take reasonable care and make sure that their antivirus and anti-spyware software are up to date," said Yuval Ben-Itzhak, chief technology officer at Finjan.

"If not, they might be held responsible for losses on their online banking account. This means that business customers should take steps to review their IT security arrangements and ensure that they have the solutions to protect their IT resources."

Ben-Itzhak explained that the new approach in dealing with online banking fraud potentially gives banks a position to reject online fraud claims upfront.

Unless business customers adopt this approach to IT security, they might face an uphill battle in recovering funds if they go missing in the event of electronic fraud.

The new code has raised several concerns for customers and banks alike. Technology consultancy Detica warned yesterday that many UK banks are ill-equipped to comply with new codes on consumer debt management.