Make sure to inform the bank within three days of the unauthorized transaction to get your money back. In case you are notified of an unauthorised transaction from your account, here's what you shall do to recover the money. In cases where the responsibility for the unauthorised electronic banking transaction lies neither with the bank nor with the customer, but lies elsewhere in the system and when there is a delay (of four to seven working days after receiving the communication from the bank) on the part of the customer in notifying the bank of such a transaction, the per transaction liability of the customer shall be limited to the transaction value. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank.Ĥ. In cases where the loss is due to negligence by a customer, such as where they have shared the payment credentials, the customer will bear the entire loss until they report the unauthorised transaction to the bank. In case of a third party breach where the deficiency 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 receiving the communication from the bank regarding the unauthorised transaction, the customer has no liability.ģ. A customer is entitled to zero liability if there is contributory fraud/ negligence/ deficiency on the part of the bank, irrespective of whether or not the transaction is reported by the customer.Ģ.
Here's what the notification stated about unusual transactionsġ. The criteria for determining the customer liability in these circumstances were reviewed. The notification stated that revised directions are being issued to curb the surge in customer grievances relating to unauthorised transactions resulting in money debited to their accounts/ cards. In order to curb such incidents, the Reserve Bank of India (RBI) issued a notification last year. In case you get a notification of a transaction which you haven't done, then chances are it is a banking fraud and someone just used your details to rob you. With net banking and digital wallets, this has become even more common. New Delhi: There are a lot of ways in which fraudsters and scammers can steal your financial data which makes it easy for them to steal your money. Representative Image | Photo Credit: BCCL
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