The Supreme Court questioned why lenders lacked the timely interventions necessary to halt suspicious, large withdrawals made from a retired person's account. In response, Attorney General R Venkataramani informed the bench that financial institutions are working to upgrade their detection capabilities and implement new preventive measures. Meanwhile, the amicus curiae stressed that these scams continue to flourish across the country despite active public awareness initiatives. To combat the issue further, the court was urged to seek reports and direct suggestions from state police departments.
Key points
Financial institutions are expected to serve as a protective shield and compensate indivi…: Financial institutions are expected to serve as a protective shield and compensate individuals targeted by cyber fraud.
Current public awareness campaigns have proven insufficient to halt the spread of digital…: Current public awareness campaigns have proven insufficient to halt the spread of digital arrest schemes nationwide.
New preventive measures and enhanced detection systems are being developed to identify ir…: New preventive measures and enhanced detection systems are being developed to identify irregular bank account activity.
Sources checked by our analysis pipeline: 1
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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