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FRAUDULENT ELECTRONIC TRANSACTIONS
Banks seek centralised fraud reporting mechanism ahead of RBI compensation policyBanks have approached the Reserve Bank of India seeking clarity on customer eligibility, reporting timelines and liability-sharing under it...- Lost money to a UPI scam? The first 3 days could decide how much you can recoverIn the blink of an eye, UPI scams can wipe out your bank savings, but there's hope for victims. The Reserve Bank of India stands ready to s...
- Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore fraudsI4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machi...
- Six arrested for financial fraud using mule accounts, suspected Pakistan Intelligence linksPreliminary investigation revealed that an SBI bank account belonging to FIR-named accused Marjina Begum of Ganesh Nagar, PS-Chandmari, Guw...
- Special team to probe eMudhra incident; impact on Indian websites, applications very limited: GovtThe ministry said the reported security incident pertains to eMudhra’s global certificate business, and its impact on Indian websites is ve...
- Delhi man filing ITR found ₹79 crore unidentified income linked to PAN: Tax details show a Mumbai firm was using his credentials. Know what you should do in this situationA Delhi resident found that his PAN and identity information were used to register a fraudulent business. The GST registration, linked to a...
- UPI vs credit cards - How India's payments system is boosting savings and benefitting multiple stakeholdersThe Anglo-Saxon economies of the US, United Kingdom and Australia show a reduction in household savings rates along with a growth in credit...
- Rs 15 lakh fraud money credited to senior citizen’s account, police wanted to question him; HC grants anticipatory bail on this groundCriminals deposited Rs 15 lakh in senior citizen’s bank a/c; police wants to question him; HC grants anticipatory bail and observes mere de...
- RBI expands digital fraud protection, introduces compensation for small-value scam victimsThe RBI has expanded customer protection rules for digital payment frauds to cover cases where people are tricked into sending money to sca...
- How a Rs 20 electricity bill payment by an SBI customer led to the bank paying Rs 2.2 lakh in compensationA State Bank of India customer was defrauded of ₹1.99 lakh after attempting a ₹20 electricity bill payment. The National Consumer Disputes ...
- RBI proposes compensation for bank fraud losses up to Rs 50,000New RBI proposals aim to protect bank customers from fraudulent electronic transactions, potentially offering compensation up to ₹50,000 ev...
- RBI caps claims for small-value digital frauds at Rs 50,000; banks to prove customer liabilityRBI new digital fraud rules: Compensation will be provided if the loss is established as genuine under the bank’s internal policy and the v...
- RBI proposes rules to protect bank customers from online fraud; suggests compensation for small-value scamsThe Reserve Bank of India has proposed new draft guidelines for customer protection in electronic banking, effective July 1, 2026. These ru...
- Cyber fraud: Supreme Court orders SBI to refund full money lost in an online scam to its customerState Bank of India (SBI): A person from Assam fell victim to a cyber fraud when he tried to return a Louis Philippe blazer. However, inste...
- These 10 transactions will be reported as fraud to RBI, as per new rulesThe RBI said in a circular dated July 16, 2024, “These master directions have been prepared based on a comprehensive review of the earlier ...
- UCO Bank glitch: Dos and don'ts for banks and customersBanks must provide customers with facilities of a website, phone banking, SMS, email, IVR and a dedicated toll-free helpline for reporting ...
- RBI makes card, online payments safer; customer liability cutThe proposal to limit customer liability in a fraudulent transaction was floated in a draft circular in August 2016, with RBI coming out wi...
- Plug loophole leading to misselling of insurance products or else face penalty: RBI to banksAt present, BCSBI -- a quasi-regulatory body -- has set a limit of Rs 10,000 beyond which a customer is not liable for fraudulent ecommerce...
- Reserve Bank India caps customer liability in fraudulent dealsBCSBI —a quasi-re Rs 10,000 beyond which a customer is not liable for fraudulent ecommerce transactions, provided the customer has notified...
- Tech-savvy tax sleuths may now be able to trace 'deleted' fraudulent e-dealsTax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department.
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