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UNAUTHORISED TRANSACTION LIABILITY
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...- Rs. 15 lakh crore of revenue, questioned by authorities – and the real worry was where the cash wentA company can report a loan, an advance, or an investment even after the cash has moved beyond its control. Sometimes the explanation is le...
- Rogue AI agents exposing India’s data law blindspotsAs companies edge closer to the May 2027 enforcement deadline for the Digital Personal Data Protection (DPDP) law, AI’s emerging cybersecur...
- Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situationsFrom stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer ...
- DigiLocker seeks private partners, Slurrp Farm's fundraise plansDigiLocker is set to bring more institutions onto its platform with the help of private AI integrators. This and more in today’s ETtech Top...
- AI agents take over online shopping: Ecommerce firms rethink pricing, verificationIndia’s ecommerce and digital platforms are preparing for a surge in personal AI agents that could increasingly make shopping decisions and...
- India Inc seeks legal safeguards as agentic AI raises liability risksWith the growing apprehension surrounding AI safety, Indian businesses are consulting legal experts about the implications of liability lin...
- HDFC credit card holder lost Rs 1.39 lakh in an unauthorised transaction, bank says card details and OTP were used; court orders HDFC Bank to pay him Rs 1.75 lakhAn HDFC Bank credit card holder disputed a Rs 1,39,901 online transaction he said he had never authorised. HDFC Bank argued that card detai...
- Fintechs high on AI, but yet to let it handle your moneyThe Unified Payments Interface (UPI) processed 24.51 billion transactions worth Rs 29.82 lakh crore in August, according to data from the N...
- India plans AI registry as it looks to roll out agentic payments, sources sayThe landscape of digital finance is evolving as India's payments authority creates a registry specifically for AI agents. This registry aim...
- Credit card lost, and someone used it; who will cover the lost money - you or the bank?What if a transaction takes place after you lose your card, and you don’t block it before that? Who has the liability then - you or the ban...
- Bank OTPs were sent to duplicate SIM card instead of real one, audit company loses Rs 79 lakh; Bank of India ordered to pay Rs 1.5 croreAn IT Act adjudicating authority has ordered Bank of India to pay Rs 64.44 lakh, which works out to nearly Rs 1.5 crore with 12% annual int...
- Man loses Rs 9,800 after scratching a fake UPI cashback card; consumer commission orders Federal Bank to pay 17,800; know whyA man lost Rs 9,854 after falling for a fake UPI cashback scratch card scam. Federal Bank initially refunded the amount as required under R...
- 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 issues consumer protection rules for mobile wallets: Users liability limitedIf an unauthorised transaction takes place from the customer's mobile wallet due to the negligence of PPI issuer, then, in that case, the c...
- Watch out, cyber fraud cases in banks are spikingSpike in cyber frauds is bigger than most other types of bank frauds (5,917) reported in 2017-18
- Liability of mobile wallet users to be zero, limited in case of fraud, on par with credit card usersAs per existing rules, the onus is on the banks to prove that a fraud has taken place, but customers should inform the bank as soon as poss...
- How much is the bank liable if your account gets hacked? Here's what RBI saysIn its Annual Report 2017-18 released today, the RBI has explained the framework on limiting liability of customers.
- Got money stolen from your ATM/card? Here's how much your bank is liableWith new security threats emerging every day, customers must know how much liability the bank shares in cases of unauthorised transactions.
- Customer not liable if fraud due to bank's negligence or third breach: RBI draftIn cases where customer's own involvement is not clearly established, customer liability will be limited to a maximum of Rs 5,000 if he rep...
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