NEWS: Plea in SC seeking Guidelines to curb Online Banking Frauds

By Legal Wires 2 Minutes Read

A writ petition has been filed before Supreme Court seeking directions to the government to frame a legislative policy ensuring better investigation of online banking frauds and constituting a special investigation team to deal with such matters.

The petition seeks directions to the center, RBI, and other banks.

The plea has been filed by two petitioners, residents of Uttar Pradesh and Delhi who became victims of online fraud while making online payments for second-hand mobile phones advertised on the e-commerce portal OLX.

It has been alleged that the concerned police station refused to register an FIR.

The petitioner urged the court to direct the banks to start OTP service on mobile phones of customers at the GrahakSeva Kendra and direct OLX to verify the IDs of anyone who is registering to transact using their platform.

In support of their case, the petitioners have cited a survey of FIS, reported by business insider India which showed that 18% of Indians suffered from online banking fraud in the past year. Also quoting former Union IT minister Ravi Shankar Prasad is cited to state that around 1.8 billion rupees have been lost through online fraud.

Legal Wires

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