'Bank Should Remain Vigilant' : Supreme Court Holds SBI Liable To Refund Amount To Customer Who Reported Fraudulent Transaction
2 days, 5 hours ago

'Bank Should Remain Vigilant' : Supreme Court Holds SBI Liable To Refund Amount To Customer Who Reported Fraudulent Transaction

Live Law  

The Supreme Court recently observed that banks cannot shy away from the responsibility to safeguard their customers from unauthorized transactions reported from their accounts. The Court upheld the State Bank of India's liability for the fraudulent and unauthorized transactions reported in the customer's bank account. The bench was hearing the SLP filed by the SBI against the Gauhati High Court's decision which upheld the SBI's liability for the unauthorized and fraudulent transaction made from the Respondent- Customer's bank account. The High Court referred to clauses 8 and 9 of the Reserve Bank of India's Circular dated July 6, 2017, which provide guidelines on customer liability in unauthorized transactions. It imposes “zero” liability on the customers for the unauthorized transaction reported from their bank account due to third-party data breaches, if reported promptly, as per RBI guidelines.

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Bank fraud cases rise 27% YoY in 2024; scams worth ₹21,367 crore logged in H1FY25: RBI data
1 week, 6 days ago

Bank fraud cases rise 27% YoY in 2024; scams worth ₹21,367 crore logged in H1FY25: RBI data

Live Mint  

Banking fraud cases in India surged 27 per cent to 18,461 cases in the first half of the financial year 2024-25, compared to its previous level of 14,480 cases in the same period in the previous year, reported the news agency PTI, citing official Reserve Bank of India data. The data also showed that the total amount involved increased nearly …

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India
5 months ago

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India

News 18  

There has been a significant increase in banking frauds in India. 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 …

Bank fraud allegations must never be levelled lightly
5 months, 3 weeks ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

Responsibility Of Bank To Prevent Unauthorized Transactions , Bangalore District Commission Holds SBI Liable
6 months ago

Responsibility Of Bank To Prevent Unauthorized Transactions , Bangalore District Commission Holds SBI Liable

Live Law  

The Additional District Consumer Disputes Redressal Commission-III, Bangalore Urban bench of Shivarama K and Rekha Sayannavar held State Bank of India liable for deficiency in services due to its failure to safeguard the FD account of a customer which resulted in unauthorized transactions amounting to Rs. Feeling aggrieved, the Complainant filed a consumer complaint in the Additional District Consumer Disputes …

Bombay High Court Orders Bank of Baroda To Refund Rs 76 Lakh, Says Account Holder Not Liable For Unauthorized Transactions Due To Third Party Breach
6 months, 3 weeks ago

Bombay High Court Orders Bank of Baroda To Refund Rs 76 Lakh, Says Account Holder Not Liable For Unauthorized Transactions Due To Third Party Breach

Live Law  

The Bombay High Court has directed the Bank of Baroda to refund Rs. A division bench of Justice GS Kulkarni and Justice Firdosh P. Pooniwalla allowed a writ petition seeking refund of the amount observing – “both as per the RBI Circular and the said Policy of Respondent No.2, the liability of the Petitioners in respect of the said unauthorized …

Absence Of Transaction Alert SMS, Chandigarh District Commission Holds SBI Card Liable For Failure To Avoid Unauthorized Transactions
8 months, 3 weeks ago

Absence Of Transaction Alert SMS, Chandigarh District Commission Holds SBI Card Liable For Failure To Avoid Unauthorized Transactions

Live Law  

The District Consumer Disputes Redressal Commission-I, U.T. Chandigarh bench comprising Surjeet Kaur Presiding and Suresh Kumar Sardana held SBI Card liable for deficiency in service for failure to resolve disputes regarding unauthorized transactions within a reasonable time frame. In response, SBI card stated that the alleged fraudulent transactions were conducted under 3D secure conditions, with transactions secured and validated through …

Banks Ought To Investigate Fraudulent Transactions Per RBI Guidelines, Panchkula District Commission Holds SBI Liable
10 months, 3 weeks ago

Banks Ought To Investigate Fraudulent Transactions Per RBI Guidelines, Panchkula District Commission Holds SBI Liable

Live Law  

The District Consumer Disputes Redressal Commission, Panchkula bench comprising Satpal, Dr Sushma Garg and Dr Barhm Parkash Yadav held State Bank of India liable for deficiency in services for its failure to provide safety and security of electronic banking transactions which resulted in unauthorized transactions of Rs. Feeling aggrieved, the Complainant approached the District Consumer Disputes Redressal Commission, Panchkula, Haryana …

Fraudulent Electronic Transfer, Customer Not Liable, Bangalore District Commission Orders SBI To Refund, Pay Compensation And Legal Costs
1 year, 2 months ago

Fraudulent Electronic Transfer, Customer Not Liable, Bangalore District Commission Orders SBI To Refund, Pay Compensation And Legal Costs

Live Law  

The Additional District Consumer Disputes Redressal Commission-III, Bangalore bench comprising Sri Shivarama K., Sri Chandrashekar S. Noola and Smt. The District Commission cited a circular issued by the RBI which exempts customers from liability for unauthorized electronic banking transactions. Observations by the Commission: The District Commission held that the SBI had failed to safeguard the complainant's accounts and had not …

Unauthorised Online Transactions From Bank Account; Gauhati High Court Orders SBI To Reimburse Cybercrime Victim
1 year, 3 months ago

Unauthorised Online Transactions From Bank Account; Gauhati High Court Orders SBI To Reimburse Cybercrime Victim

Live Law  

The Gauhati High Court on Monday directed the State Bank of India to reverse an amount of Rs. The petitioner contended that although he initially had a 19-digit ATM-cum-debit card without e-commerce capability, he received a replacement card, allegedly without his request, which was later used for the said unauthorised online transactions. Hence, the petitioner approached the High Court seeking …

'Bank Liable If Customer Suffers Loss Due To Unauthorized Transactions': Kerala Consumer Forum Orders Compensation
1 year, 4 months ago

'Bank Liable If Customer Suffers Loss Due To Unauthorized Transactions': Kerala Consumer Forum Orders Compensation

Live Law  

The Ernakulam Consumer Disputes Redressal Commission recently directed the State Bank of India to return an amount of Rs. But one thing is oetain that where a bank is providing service to its customer, it owes a duty to exercise reasonable care to protect the interests of the customer. Needless to say that a bank owes a duty to its …

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court
1 year, 7 months ago

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court

Live Law  

The Supreme Court on Friday clarified that its judgment, which mandated that borrowers should be heard by banks before their accounts are classified as fraudulent in terms of the RBI master circulars, did not mean that they should be personally heard.Opportunity of hearing does not mean personal hearing, said the bench comprising Chief Justice of India DY Chandrachud and Justice …

SBI Customers Alert! Using UPI, Debit Card, Mobile Banking? Follow These Steps to Avoid Frauds
2 years, 8 months ago

SBI Customers Alert! Using UPI, Debit Card, Mobile Banking? Follow These Steps to Avoid Frauds

News 18  

SBI Digital Transaction: The State Bank of India, or SBI, on Monday shared a list of guidelines with its users while doing digital transactions. – Try using unique and complex passwords – Remember to change passwords frequently – Never disclose, store or write down your user ID, passwords or PIN – Remember, Bank never asks for your user ID/passwords/Card No/PIN/Passwords/CVV/OTP …

SBI Warns Customers Against KYC Fraud: Suggests How to Keep Bank Account Safe
2 years, 10 months ago

SBI Warns Customers Against KYC Fraud: Suggests How to Keep Bank Account Safe

News 18  

The State Bank of India frequently issues advisories, warning its customers against attempts of fraud. As a result, SBI, too, has revamped their advisory system to make their customers more aware and cognizant about various ways they can be scammed under their initiative “Yeh Wrong Number Hai.” Recently, SBI warned its customers about clicking on embedded links in text messages …

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India
2 years, 10 months ago

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India

News 18  

With the significant rise in the use of digital systems over the years, cybercriminals have swarmed the internet to perform online crimes such as data fraud, theft as well as hacking and the banking sector is also not out of their reach. Devious ways The most common forms of banking fraud in India are: Vishing- Phone calls pretending to be …

'SBI Can't Misinterpret RBI Circulars'- Madras High Court Holds Collection of Cash Handling Charges From Stamp Vendors Illegal
3 years, 1 month ago

'SBI Can't Misinterpret RBI Circulars'- Madras High Court Holds Collection of Cash Handling Charges From Stamp Vendors Illegal

Live Law  

The practice of collecting cash handling charges from stamp vendors who deposit money through treasury challans into the Government account must be done away with, Madras High Court has ruled recently, giving strict directions to the State Bank of India. "In the absence of any such specific direction or instructions from the Reserve Bank of India, the State Bank of …

SBI warns account holders against ’Free Gift’ online fraud
3 years, 6 months ago

SBI warns account holders against ’Free Gift’ online fraud

Live Mint  

The State Bank of India on Thursday evening alerted its customers against clicking on links claiming that the bank is providing free gifts. SBI in a Twitter post warned its customer that 'clicking on these phishing links could lead to loss of your personal and confidential information.' Many users fell prey to such phishing link frauds which claims that the …

SBI warns of KYC fraud. 3 things you must do to keep your account safe
3 years, 6 months ago

SBI warns of KYC fraud. 3 things you must do to keep your account safe

Live Mint  

The State Bank of India has alerted its customers against the increasing cases of online fraud. Issuing an alert through a post on Twitter, the bank put out a warning alerting people where fraudsters dupe people in the name of Know Your Customer or KYC verification. SBI account holders also need to be careful as recently India's largest lender decided …

Desist from sharing sensitive info online: SBI tells customers
3 years, 8 months ago

Desist from sharing sensitive info online: SBI tells customers

India TV News  

With digital transactions gaining traction amidst rising COVID cases, the country's biggest lender SBI has cautioned its customers to be alert against fraudsters and not to download any app from an unknown source. "We advise our customers to be alert of fraudsters and not to share any sensitive details online or download any app from an unknown source," State Bank …

State Bank Of India Issues Alert for Digital Transactions; Check Details Here
3 years, 8 months ago

State Bank Of India Issues Alert for Digital Transactions; Check Details Here

News 18  

Amid the rising cases of coronavirus and economic uncertainty, several are losing their jobs and facing a financial crisis. Acknowledging the threat State Bank of India has once again warned its 45 million customers against online fraud practices. This is one of the major reasons why the Reserve Bank of India along with several other banks keeps on issuing alerts …

Banks Not Liable to Pay if You Have Fallen for Fraud or Scams
3 years, 9 months ago

Banks Not Liable to Pay if You Have Fallen for Fraud or Scams

News 18  

Witnessing a rise in the rate of frauds and scams, several Individuals need to take such warnings seriously as avoiding them can lead to huge monetary losses and they might not even be compensated for the same by the banks. According to a recent judgement by a Gujarat consumer court, a victim of bank fraud is not liable for any …

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms
4 years ago

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms

Live Mint  

The Delhi high court on Wednesday directed the State Bank of India and the Reserve Bank of India to maintain status quo concerning the accounts of Anil Ambani’s Reliance Communications Ltd, Reliance Telecom and Reliance Infratel. A petition by RCom’s former director Punit Garg has challenged certain vires of RBI circular 2016 on the classification of the accounts as fraud. …

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases
4 years ago

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases

India TV News  

In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores. The first case was registered on the complaint from …

Attention! Fraud transaction in your bank account? RBI says do this immediately to limit loss
4 years, 6 months ago

Attention! Fraud transaction in your bank account? RBI says do this immediately to limit loss

India TV News  

With digital transactions rising manifold, the number of phishing or cyberattacks where fraudsters manage to target your bank account or extract money from your Debit Cards/Credit Cards has also shot up. RBI Helpline Number to report fraudulent activity in your bank account: 14440 In a text message, RBI said, "Fraudulent transaction in your bank account? Image Source : SMSRBI warns …

Are you SBI cardholder? Bank says follow these 10 safety tips to prevent ATM fraud
4 years, 7 months ago

Are you SBI cardholder? Bank says follow these 10 safety tips to prevent ATM fraud

India TV News  

State Bank of India, India's largest lender and several other banks have warned their account holders about of fraud cases like online banking fraud, cloning, phishing, UPI fraud and others along with banking tips. As a caution and safety measure for customers, SBI has also advised the account holders to change the ATM PIN at regular intervals, cover ATM/POS keypad …

SBI shares 10 ATM safety mantra to prevent debit card fraud
4 years, 7 months ago

SBI shares 10 ATM safety mantra to prevent debit card fraud

Live Mint  

Various banks, including country's top lender State Bank of India have been advising their customers on ways to bank safely. SBI recommends that customers should conduct ATM transactions in complete privacy in order to avoid any ATM-cum-debit card fraud. Avoid writing it on your ATM card or anywhere else 4) Avoid using birthdays and anniversary dates as you PIN 5) …

SBI asks account holders to follow these 6 tips while banking online
4 years, 8 months ago

SBI asks account holders to follow these 6 tips while banking online

Live Mint  

State Bank of India has sent a mail to its customers. The letter titled, 'A letter for your safety' lays out six important tips that customers must follow while banking online. SBI has laid out six important protocols that our customers must follow in order to safeguard their personal information from fraudsters. Here are 6 precautions SBI wants its account …

SBI Online Banking: Beware! SBI warns fraudsters stealing your money; says don't do this
5 years ago

SBI Online Banking: Beware! SBI warns fraudsters stealing your money; says don't do this

India TV News  

SBI online banking: The State Bank of India, India largest public sector bank, has warned SBI cardholders about online fraudsters. The bank has asked customers for not sharing confidential details related to their debit cards and credit cards like CVV, card number, OTP or any other card details. SBI informed its customers through a tweet saying SBI never asks any …

How fraudsters siphoned off ₹12 crore from AIIMS' SBI accounts
5 years, 1 month ago

How fraudsters siphoned off ₹12 crore from AIIMS' SBI accounts

India TV News  

All India Institute of Medical Sciences -- India's premier medical institute -- has fallen prey to banking fraud accounting for a whooping ₹12 crore. As per reports, ₹12 crore have been stolen from two separate SBI accounts belonging to the hospital by allegedly using 'cloned cheques' over the past one month. What is even more shocking is that even after …

Bank Customers Alert! Duped by online banking fraudsters? SBI says do this immediately
5 years, 2 months ago

Bank Customers Alert! Duped by online banking fraudsters? SBI says do this immediately

India TV News  

Online Banking Fraud Alert! So, the bank customers need to be vigilant to ensure that they don’t fall prey to identity theft fraudsters who steal their money from the bank account by getting unauthorised access. To protect against online fraud, including phishing, India's largest lender State Bank of India suggests customers to be suspicious of any e-mail or text message …

Attention! SBI warns account holders against fraudsters, says 'don't do this'
5 years, 3 months ago

Attention! SBI warns account holders against fraudsters, says 'don't do this'

India TV News  

India's largest public sector bank, the State Bank of India has issued an advisory and warned its account holders about threats from fraudsters who devise new tricks to dupe thousands of customers daily. State Bank of India in its latest advisory has asked its customers to stay away from fake social media accounts. SBI's official social media handles are present …

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