‘Act as protective umbrella’: SC says banks must compensate digital fraud victims | India News
NEW DELHI: The Supreme Court on Thursday said banks must be held accountable for compensating victims of digital fraud, stressing that they should act as a “protective umbrella” for customers vulnerable to digital arrest scams.A bench headed by CJI Surya Kant questioned why unusually large withdrawals from a retired person’s bank account could not trigger timely intervention to prevent the loss, Bar and Bench reported.During the court’s suo motu hearing, attorney general R Venkataramani said banks are getting better at identifying suspicious transactions and that preventive measures were being put in place.The amicus curiae sought reports and suggestions from state police forces, noting that digital arrest scams continued despite awareness campaigns.
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