SC flags bank lapses in cyber fraud cases, seeks alert system

The Supreme Court said banks can be held liable for deficiency of service if laxity leads to cyber frauds such as digital arrests, and stressed the need for an early-warning system to alert account holders. Citing losses of about ₹3,000 crore, the court called the scale of such frauds shocking and urged the government and regulators to plug systemic gaps.

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/m2uQKI0
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