Bank liable for online frauds

Banks are duty bound to take steps to assess risk, provide robust mechanism to prevent, detect fraud

Jehangir B Gai 

Thomas Ninad had a salary savings account with Axis Bank. Even though he was using the account regularly, he was was not getting any e-mail alerts, as the bank had made a mistake while entering his identity. Ninad had corresponded with the bank to correct his e-mail address. On January 1, 2013, he received an e-mail from the bank seeking various details. He furnished the information sought. After that, Ninad found that Rs 14 lakh was withdrawn from his account through 22 internet transfers on January 8 and January 9, 2013. The transfer were made to 12 different accounts, of which 10 ...

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First Published: Wed, August 30 2017. 22:52 IST