Team  SoOLEGAL

Banks should compensate account holder if customer loses money due to online fraud: National consumer body

Team SoOLEGAL 7 Jan 2021 3:15pm

Banks should compensate account holder if customer loses money due to online fraud: National consumer body

An important judgement has been passed by the National Consumer Disputes Redressal Commission in which it has been stated that, if money is withdrawn from a person’s bank account by the hackers illegally, then the bank must take full responsibility for the loss of the customer.

The Forum was hearing a case, in which the victim had stated that, due to a mistake on the part of the bank, the hacker had managed to withdraw all the money from his account illegally. The bank was held liable by the Forum because the bank could not present any evidence in it’s defence. The Forum had directed the bank to compensate the victim.

According to the report of the RBI, if a mistake has been made on the part of a bank, due to which the money in the account of the customer has been withdrawn illegally, then the entire loss will be borne by the bank itself. Whereas, if the theft is caused by negligence on the part of the customer, then the customer will have to bear the damages. In a situation where fraud has occurred without any fault on the part of the bank as well as the customer, if the aggrieved customer files a complaint with the bank within three working days after the commission of the fraud, then the customer will not be liable for the fraud. 



Tagged: National Consumer Disputes Redressal Commission   RBI   National consumer body   online fraud  
Did you find this write up useful? YES 4 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.