InvestorQ : What are the liabilities of a bank in case of fraudulent use of a card by an unauthorised person?

Banks Credit Card Personal Finance

What are the liabilities of a bank in case of fraudulent use of a card by an unauthorised person?

Answer

1 year ago

In case of card not present (CNP) transactions, RBI has mandated providing Additional Factor of Authentication (AFA) for domestic transactions. If a transaction has taken place without AFA and the customer has complained that the transaction is not effected by him/her, then the issuer bank shall reimburse the loss to the customer without objections.

0 0

0 Views

Abuse Report

Related Question

What is the latest on the case filed by banks in SAT against the transfer of shares by Karvy? Will my shares be transferred back to Karvy?

I am planning to take a home by myself. Are there advantages of taking a loan with your spouse or any other family member?

Is it also possible to use covered put when we are moderately bearish on the dollar and expect it to moderately weaken vis a vis the rupee? What would be the payoffs in this case?

Can the RGESS scheme also be used in case of joint holdings of shares?

What are the interest rates offered on one-year fixed deposits by top five banks?

What are the interest rates offered on three- and five-year fixed deposits by top five banks?

What are the charges levied by banks on non-maintenance of monthly average balance?

What are the features of IndusInd Bank’s Duo credit-cum-debit card?

I am holding shares of Corporation Bank and was surprised by the huge loss posted by the bank. Should I hold on to the stock or sell off?

I have a small investment in shares of J&K Bank and was surprised to see the stock correcting by 20%. What is the problem with the stock?