Good Work Circles and Members
Consumer Protection against Frauds
Earlier this month, the Reserve Bank of India (RBI) did well to protect bank customers from online and card payment frauds by shifting the onus of compensation substantially to banks. In a notification dated 6 July, the RBI introduced two ideas to protect customers: the concept of zero liability, and another of limited liability.
A customer who loses money due to online fraud or negligence on the part of the bank will be fully compensated. Even in the case of third party fraud, if the loss is reported within three working days, the customer will be fully reimbursed by the bank.
However, in the case of customer negligence, like sharing passwords with other people, the liability will be that of the customer till the fraud is reported to the bank. He won’t be responsible for any unauthorised use of this account once he has reported the transaction. The loss must be reported within four to seven days after receiving alerts from the bank about an unauthorised transaction. Even better, the liabilities of the customer are being capped at Rs 5,000-10,000, and in the case of credit cards with limits above Rs 5 lakh, the liability of the customer is capped at Rs 25,000.
The best part of the notification is that customers must be compensated within 10 working days. This is most important, for the real challenge for a customer is getting his money back after reporting fraud. Banks can routinely fob him off with excuses and delay crediting the money by claiming they are investigating the case. more
Earlier this month, the Reserve Bank of India (RBI) did well to protect bank customers from online and card payment frauds by shifting the onus of compensation substantially to banks. In a notification dated 6 July, the RBI introduced two ideas to protect customers: the concept of zero liability, and another of limited liability.
A customer who loses money due to online fraud or negligence on the part of the bank will be fully compensated. Even in the case of third party fraud, if the loss is reported within three working days, the customer will be fully reimbursed by the bank.
However, in the case of customer negligence, like sharing passwords with other people, the liability will be that of the customer till the fraud is reported to the bank. He won’t be responsible for any unauthorised use of this account once he has reported the transaction. The loss must be reported within four to seven days after receiving alerts from the bank about an unauthorised transaction. Even better, the liabilities of the customer are being capped at Rs 5,000-10,000, and in the case of credit cards with limits above Rs 5 lakh, the liability of the customer is capped at Rs 25,000.
The best part of the notification is that customers must be compensated within 10 working days. This is most important, for the real challenge for a customer is getting his money back after reporting fraud. Banks can routinely fob him off with excuses and delay crediting the money by claiming they are investigating the case. more
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Oct 31
Customer should not be held for any amount that too when OTP is shared and reported to the issuing bank immediately within 24 hours. Reason is that the concerned banks security systems are vulnerable for hackers to steal the particulars, ask for OTP and inputing into the system through which the transaction is settled. I have two cases with SBI card. In one case I had reported immediately on settlement of txn and requested them to stop the payment to the merchant. But SBI blatendly refused informing that they cannot stop the payment to the merchant. In most of the banks, the payment is stopped before settlement and lies with the bankers which is safe as they have software facility. In another case a month ago, there were lot of payments of similar amount Rs 26000 debited to many SBI card holders and paid to GOOGLE INC of which I am also one sufferer. In this case No OTP was received and shared. Till now the issue is not resolved. Can any one suggest based on the recent directives to get the amount immediately. more
Jul 16
This is a very good development. Unfortunately most of the customers are not aware of it. It must be 1. made mandatory for the banks to send the information of this provision to all customers on their registered mobile numbers and e mails by messages. 2. This must also be incorporated in the bills of cards sent by the bank to create more awareness. 3. This must also be posted on the websites of all banks. The consumer forum and the Ministry concerned should be urged to follow it up. more
Jul 16
It would, in my opinion, be helpful if Indian banks informed themselves of what liabilities banks in other countries (East and West) accept in similar cases. That information could lead to realistic decisions. more
Jul 15
