Ms Niamh Davenport:

We are closely watching the UK voluntary code becoming mandatory. It is something we need to look at but we need to look at their ecosystem as a whole, rather than at that one piece of legislation. They are also dealing with the social media companies and online companies and looking to them for compensation too. It is a whole model we have to look at, rather than just simply saying we need to reimburse the consumer. The model in the UK is appropriate for their ecosystem, the level of fraud they have and the cost benefit for the level and number of attempts at fraud they have on their population. While we have to do the same here, I urge that the whole ecosystem be looked at, including the intelligence and information sharing, education and awareness and bringing the telecommunications providers and online companies into the fold too.