Can a bank be held liable if you voluntarily transfer money to a scammer? Here's what Consumer Commission says
New Delhi, Aug. 6 -- Most online scam victims believe that once they have voluntarily transferred money or completed an OTP authentication, they cannot get that money refunded by their bank.
However, a recent ruling by the Nagpur District Consumer Disputes Redressal Commission shows that banks may still be held accountable if they fail to detect or act on suspicious transactions.
In a case reported by The Economic Times, the commission directed ICICI Bank to refund over Rs.5.18 lakh, along with interest and compensation, to a woman who lost nearly Rs.6.93 lakh in a FedEx parcel scam.
Here's what happened and why the bank was held liable despite the transfers being authorised by the customer.
According to The Economic Times, the incide...
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