Sucheta Dalal :Making banks accountable for tech frauds
Sucheta Dalal

Click here for FREE MEMBERSHIP to Moneylife Foundation which entitles you to:
• Access to information on investment issues

• Invitations to attend free workshops on financial literacy
• Grievance redressal

 

MoneyLife
You are here: Home » Current Articles » Making banks accountable for tech frauds
                       Previous           Next

Making banks accountable for tech frauds  

January 6, 2014

An improved code forces banks to be more careful about technology-related frauds on their customers, for which banks are unaccountable now.

 

Sucheta Dalal

 

The year promises to begin on a better note for bank customers. A report in the Economic Times (ET) says that the revised code of services by the Banking Codes and Standards Board of India (BCSBI) is going to be significantly pro-consumer and move towards a better balance of rights and obligations between banks and their customers. According to the ET report, there are two main changes. First, when it comes to electronic fraud, the onus of proving that the customer participated in the fraud or compromised the user ID and password will shift to the bank. While the details of the changes prescribed by BCSBI are not known, these changes were recommended by the Damodaran committee on customer services way back in 2011.

 

To read more on this click here...


-- Sucheta Dalal