Over Rs 177 crore lost on account of ATM/credit card, internet banking frauds
The quantum of loss in FY22 was Rs 80.33 crore, it was Rs 50.10 crore in FY21 and Rs 44.22 crore in FY20.
Chaudhary further said to help customers recover the loss on account of fraudulent transactions, the RBI has issued instructions to banks on limiting the liability of customers in cases of unauthorised electronic banking transactions.
A customer need not bear any loss if the deficiency is on the part of the bank and in cases, where the fault lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of receiving the communication about the unauthorised transaction.
Where the loss is due to the customer's negligence, the customer has to bear the entire loss until he/she reports the unauthorised transaction to the bank.
Where the fault lies neither with the customer nor with the bank and lies elsewhere in the system, and the customer reports between 4-7 working days of the unauthorised transaction, the maximum liability of the customer ranges from Rs 5,000 to Rs 25,000, depending on the type of account/ instrument.
If the unauthorised transaction is reported beyond 7 working days, the customer liability shall be determined as per the bank's Board approved policy.
«The burden of proving customer liability in case of unauthorised electronic banking transactions shall lie on the bank,» Chaudhary said.
To facilitate the citizens to report any cyber incidents, including financial frauds, the Home Ministry has launched a
