Scam Alerts

 
Banks can’t make customer pay for fraudulent online transaction: HC

Thursday, October 17, 2019, 10:43 AM

Banks can’t make customer pay for fraudulent online transaction: HC

The Kerala High Court on Wednesday said banks cannot recover the money withdrawn through fraudulent online transactions from cash credit and overdraft accounts of customers if it cannot be unequivocally proved that the customer was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.

Brand Updates

 
RBI imposes penalty on Syndicate Bank and Lakshmi Vilas Bank

Wednesday, October 16, 2019, 11:21 AM

RBI imposes penalty on Syndicate Bank and Lakshmi Vilas Bank

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.

Real Life Stories

 
Rs 2.5 Lakh gone in 120 seconds to card fraud

Wednesday, August 7, 2019, 6:13 PM

Rs 2.5 Lakh gone in 120 seconds to card fraud

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.

Blog

 
How your Bank Account and Credit Card may get Hacked?

Friday, June 28, 2019, 7:03 PM

How your Bank Account and Credit Card may get Hacked?

How your bank account and credit card may get hacked? Today, most people have bank accounts and t ...

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Things You Need To Know About NEFT, RTGS and IMPS Services

Thursday, July 26, 2018, 6:53 PM

Things You Need To Know About NEFT, RTGS and IMPS Services

Today transferring money from one bank account to another has become very easy with the latest techn ...

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5 tips for reapplying after your credit card application is denied

Tuesday, July 24, 2018, 7:20 PM

5 tips for reapplying after your credit card application is denied

Is credit card application getting rejected frustrating? Don't worry; you will have a chance to ...

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Debit Card Vs Credit Card. Which Is Better?

Friday, July 20, 2018, 6:55 PM

Debit Card Vs Credit Card. Which Is Better?

Debit cards and credit cards have become an integral part of our day to day activities and we can't imagine life without them. It has made our liv ...

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Debit Card Charges in India

Wednesday, July 18, 2018, 7:22 PM

Debit Card Charges in India

I am sure debit cards issued by banks, help you perform many tasks. These tasks include withdrawing money from the ATM, making payments at points of s ...

Blog

 
Reasons Why Many People Still Don't Use Digital Payments

Wednesday, July 4, 2018, 6:50 PM

Reasons Why Many People Still Don't Use Digital Payments

After demonetization, India moved towards becoming a digital economy and the government has come up ...

Blog

 
Get Your Credit Score Free On WhatsApp

Tuesday, July 3, 2018, 6:26 PM

Get Your Credit Score Free On WhatsApp

On the basis of your borrowing history and repayment track record, you will be assigned a credit score between 300 to 900. Your credit score is very i ...

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