Customer’s Right to be Protected from Online Bank Fraud

Last updated on Jun 7, 2022

As a customer of a bank, you have the following rights so as to be protected from online bank fraud:

  • The right to register and receive SMS notification of all electronic banking transactions that take place through your account.
  • The right to register and receive email alerts for electronic banking transactions through your account.

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Banks’ responsibility to prevent Online Bank Fraud

Banks must ask their customers to mandatorily register for SMS and email alerts for electronic banking transactions.

Lodging a complaint with the Bank

The Code of Bank’s Commitment to Customers (CBCC) enacted by the Banking Codes and Standards Board of India (BCSBI) lays down the rules.

Filing a complaint with the Banking Ombudsman

If solution provided by the bank is unsaisfactory and would like to further enquire the matter, you can approach the Banking Ombudsman

Customer Liability

There will be no customer liability for unauthorized transactions. However, negligence by the customer can attract customer liability.

Filing a complaint for Online Bank Fraud

A complaint against online bank fraud can be filed at your nearest police station by filing an FIR or online cyber cell portal.

Maximum Customer Liability and Bank Policy

If the delay is for more than seven working days, the customer liability will be determined as per the Bank’s Board Policy