Thursday, October 17, 2019, 10:43 AM
The Kerala High Court on Wednesday said banks cannot recover the money withdrawn through fraudulent online transactions from cash credit and overdraft accounts of customers if it cannot be unequivocally proved that the customer was responsible for such transaction. In cases where frauds are established, banks will have to approach a civil court to recover the money from the persons responsible, the High Court said. However, if the loss is due to the customer’s negligence, she/he would have to bear the entire loss. To what extent the customer can be made responsible for such negligence is a matter of probe and adjudication through a civil suit, the HC added. The court issued the order on a petition filed by two businessmen from Kochi who lost `16.25 lakh and `23 lakh from their cash credit and overdraft accounts through fraudulent online transactions. The online thefts were committed by the fraudsters after obtaining a duplicate SIM card of the businessmen’s mobile phones, using their fake identity cards.
Wednesday, October 16, 2019, 11:21 AM
The Reserve Bank of India has come down strictly on two banks for non-compliance of its directives and imposed monetary penalties on them. The banks are Lakshmi Vilas Bank and Syndicate Bank and the fines imposed on them are Rs 1 crore and Rs 75 lakh respectively. Explaining why this penalty is being imposed, RBI says Lakshmi Vilas Bank failed to comply with certain provisions of the directions issued by it on ‘Income Recognition and Asset Classification (IRAC) norms. The detection of the violation came about through the inspection of the statutory books maintained by the bank and the violations pertains to the financial year ended March 31, 2017. The reason the other entity, Syndicate Bank, received the order from RBI imposing a Rs 75-lakh penalty was its failure in adhering to the RBI regulations in the areas of (i) frauds classification and reporting and (ii) innovative housing loan products – upfront disbursal of housing loans.
Friday, September 20, 2019, 12:45 AM
What to do if you are a victim of bank fraud? As the number of people having bank account rises, bank frauds too increase. When compared to last ye ...
Monday, September 9, 2019, 5:47 PM
9 Common Phone Scams in 2019 Gone are the days when phones were used only by a few people, now almost everyone has mobile phones. Apart from making ...
Tuesday, August 27, 2019, 3:38 PM
The Delhi State-Level Bankers' Committee (SLBC) has suggested keeping a window of 6-12 hours between cash withdrawals to prevent frauds, according to a report by The Times of India. "A lot of these frauds happen at night, from around midnight to early morning. A bar on transactions for a certain period can help," said Mukesh Kumar Jain, the CEO of Oriental Bank of Commerce and the Delhi SLBC convener, told the publication. One-time password (OTPs) for cash withdrawals, similar to the kind used for card transactions online, are also being considered, Jain told The Times of India. Another measure being evaluated is a centralized monitoring system with a two-way communications system, the report said.
Wednesday, August 7, 2019, 6:24 PM
Don't lose your money to this OTP fraud One Time Password which is popularly called OTP; is very important when you carry out online transactio ...
Wednesday, August 7, 2019, 6:13 PM
A 51-year-old man from Maharashtra became a victim to credit card fraud. He lost Rs 2,50,000 to fraudsters. According to the complaint, he received five messages from the bank; stating Rs 2.5 Lakh had been deducted from his credit card account; via online transfer, using the digital wallet system. A total of 5 transactions of Rs 50,000 each; were carried out within a time frame of just two minutes. When the victim received the messages, he was on the way home from the workplace. The shocking thing is, his credit card was very much with him. An FIR has been lodged under Section 420 (cheating) of the Indian Penal Code and Section 66D of the Information Act.
Saturday, June 29, 2019, 11:25 AM
Terming timely recognition an important aspect that can reduce the economic costs of frauds, the Reserve Bank of India said that the country has seen a “significant” gap between occurrence and detection of bank frauds. “The amount involved in frauds that occurred between 2000-01 and 2017-18 formed 90.6 percent of those reported in 2018-19,” the central bank said in its Financial Stability Report (FSR). Giving further insight on the data, the RBI said that the systemic and comprehensive checking of legacy stock of NPAs of public sector banks (PSBs) for fraud during 2018-19 has helped unearth frauds perpetrated over a number of years.
Friday, June 28, 2019, 7:03 PM
How your bank account and credit card may get hacked? Today, most people have bank accounts and t ...
Monday, June 24, 2019, 6:55 PM
With the rise in digital transactions and their spread to the interiors of the country, complaints related to banking fraud are on the rise in Union Territory of Chandigarh. Statistics reveal that around 50 percent of total registered cyber crime complaints at Cyber Crime Investigation Cell (CCIC), Chandigarh are related to banking fraud. Sources said that with the rise of complaints related to cyber- crime, the staff crunch at CCIC, Sector -17 has impeded cyber-crime investigations. Large numbers of complaints are reported from the victims in Chandigarh but few cases are registered. As per registered complaints, some people in Chandigarh receive phone calls from fraudsters who while being based in states like Jharkhand, Maharashtra, Odisha, Bihar and other states call them up while posing themselves as branch managers or employees of banks. They say that your ATM is blocked and to open it share them ATM’s password. In this way, they dupe those people who share them password of ATM or One Time Password.