Search Results for: bank fraud

RBI’s responsibility in preventing Aadhar Misuse for Bank Frauds

Posted on January 22, 2013 by Vijayashankar Na

I refer to the news report in Midday indicating a new modus operandi in the commission of a Bank fraud in India. This fraud has been committed as a combination of “Phishing”, “Security lapses at the victim’s Bank”, “Compromise of KYC by … Continue reading →

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Bank fraud of 1.05 crores

Posted on December 27, 2012 by Vijayashankar Na

In an interesting fraud a Mumbai based cooperative bank found that Rs 1.05 crores was fraudulently transferred out of its account with another public sector bank by fraudulent RTGS transfers. TOI report The amount has been transferred to 12 different … Continue reading →

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Rs 820 crore fraud in UCO Bank IMPS system busted

Posted on January 4, 2024 by Vijayashankar Na

CBI has successfully investigated a fraud in UCO Bank where two support engineers manipulated the system which resulted in credits to accounts without a corresponding transfer of money from the sending bank to the receiving bank. See report in NewIndian … Continue reading →

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ICICI Bank ordered to pay Ra 43 lakhs to a victim of fraud

Posted on November 8, 2019 by 98410spice

The Adjudicating officer of Telengana on 30th September 2019 awarded compensation to a victim of a fraud in ICICI Bank. The total amount which the customer (an NRI) had lost was Rs 43,07,525/-. The Bank had alleged that this was … Continue reading →

Posted in Cyber Law | 2 Comments

Appointment of Chairmen and Directors of Banks is the Weak link that caused PNB fraud

Posted on February 20, 2018 by Vijayashankar Na

“Where there is Money, there will be Fraud” is a truth which all traditional Bankers know. Hence the essence of Good Banking is building security into the culture of the organization and into its systems. The legacy paper based systems … Continue reading →

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Limited Liability on Electronic Banking Frauds also extends to Cooperative Banks

Posted on December 18, 2017 by Vijayashankar Na

On July 6, 2017, RBI released the “Customer Protection-Limiting Liability of Customers in Unauthorized Electronic Banking Transactions”. The circular indicated that a customer is entitled to “Zero Liability” in case of loss arising out of frauds in E banking in … Continue reading →

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