Bank must compensate for cyber fraud: Consumer court

The Navsari Consumer Disputes Redressal Commission (CDRC) has stated that a bank is responsible for compensating customers for money lost in cyber fraud if they are promptly alerted. The CDRC ordered the State Bank of India (SBI) to pay a UPI cyber fraud victim Rs 39,578 after she personally informed the branch the same day she lost the money. The commission criticized the bank for not promptly acting and stated that it had the necessary technical capabilities to track the siphoned-off money. The bank’s argument that the customer was at fault was rejected by the CDRC.