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Customer Liability in The Age of Digital Banking

Customer Liability in The Age of Digital Banking

Today, in India, when a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. As of Feb 2011, Indian Banking industry has 70,462 ATMs and 5,65,542 POS terminals. The value of debit card POS transaction from Mar 2010-Feb 2011 was 75,326 crores and the value of debit card ATM transaction during the same period was 10,90,053 crores. The size of credit card POS transaction was 75,328 crores. (Source: RBI). Given this huge volumes of electronic transactions in India banking, the value at risk for banks would be humungous when the customer zero liability protection policy gets introduced. It’s high time the banks secure their electronic channels with adequate measures to monitor, detect and prevent fraud in real-time. Read on..

New Department: Financial Crimes Department

New Department: Financial Crimes Department

If you have ever shopped on Amazon.com or ordered a movie on Netflix, you most likely have experienced “Predictive Analytics”. The accuracy and the speed of predictions and recommendations are very impressive. Amazon knows that buying one item makes it more likely that you will buy another item or rent one movie makes it more
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