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

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

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Anusha Savla answered.
1 year ago
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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.

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