NRI Customer to Receive Compensation of Rs. 13 Lakh from ICICI Bank
There have been reports that a fine of about Rs. 12.85 lakh has been charged to ICICI Bank on report of a phishing hoax. It is said to be the first case filed under the Information Technology Act.
For the loss suffered by an Abu Dhabi-based NRI, Tamil Nadu IT Secretary on Monday intended for ICICI Bank to pay the fine within the next 60 days.
It has been said that phishing scam is the most regular type of internet hoax in which the fraud gathers personal data of the customer via bogus emails and duplicate websites.
IT Secretary, PWC Davidar, in his order mentioned that the reimbursement that the bank need to give, incorporates loss that the customer has endured, his travel costs and the monetary loss.
It is said that Umashankar Sivasubramaniam, had filed the appeal, who got a mail in September 2007 from the bank which demanded for his username and password and mentioned that else his account would be shut.
The bank Spokesman stated, "Customers are fully apprised on security aspects of internet banking through various channels. We reassure that our security systems are continuously audited and neither the security nor our processes have been breached".
It is said that the bank is going to petition the order.
According to techno-legal Consultant, Na Vijayashankar, phishing scam is not uncommon but banks do not agree to legal responsibilities, like ruling, which can set a fine example.
