Thursday, April 15, 2010

ICICI Bank told to pay Rs 13 lakh to NRI customer - - 14 Apr 2010

CHENNAI: It could well be termed the country’s first legal adjudication of a dispute raised by a victim of a cyber crime.

In a verdict in the first case filed under the Information Technology Act, Tamil Nadu IT secretary on Monday directed ICICI Bank to pay Rs 12.85 lakh to an Abu Dhabi-based NRI within 60 days for the loss suffered by him due to a phishing fraud. Phishing is an internet fraud through which sensitive information such as usernames, passwords and credit card details are obtained by masquerading as a trustworthy entity.

The compensation includes the loss suffered by the petitioner, the travel expenses and the financial loss incurred on account of “complete lack of involvement of the respondent bank,” said TN IT secretary PWC Davidar in his order. The order came on a petition filed by Umashankar Sivasubramaniam, who claimed he received an email in September 2007 from ICICI, asking him to reply with his internet banking username and password or else his account would become non-existent.

Though he replied, he found Rs 6.46 lakh transferred from his account to that of a company, which withdrew Rs 4.6 lakh from an ICICI branch in Mumbai and retained the balance in its account.

In his application for adjudication filed under the IT Act to the state IT secretary on June 26, 2008, he held the bank responsible for the loss.

But ICICI Bank claimed that the petitioner had negligently disclosed the confidential information such as password and had fallen prey to a phishing fraud. “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,” said a bank spokeperson.

The bank said it will appeal the order. “ICICI Bank endeavours to offer world-class service to its customers. Today, we have hundreds types of transactions, which can be completed online without having to walk into a branch. We strive for convenience and safety of our customers and uninterrupted availability of our services through self-service channels. We also continuously upgrade our systems and technology to ensure that our customers get the best experience and a safe environment while transacting online,” the spokesperson added.

Techno-legal consultant Na Vijayashankar, who appeared for the petitioner, said while the order may lead to tightening of cyber laws in the country, the judgement reflects the lack of accountability of using internet banking. “Phishing fraud is very common but banks are not accepting the liabilities. Such a ruling will set a good precedent.”

Though there are 300-odd phishing cases recorded or contended within the country, they have not been pursued under proper legal framework, he said noting that some such cases were filed at consumer courts.


Sonia said...

I have launched a fraud complaint # 119436022 with ICICI bank customer care.
Nobody from Bank Employee want to give the information in writing that fraud has taken place & only told me that i have to wait for 30 days Inquiry which is going on.

Any one check here: case against ICICI.

To Transfer the money following Information is required which is best of my
Knowledge. I have never shared any of the following details with anybody (1. Login ID, 2.Login Password, 3.Transaction password & 4.Registration & Confirmation of payee on my mobile no, 5.few series of number related to alphabates from grid on back of debit card).

ICICI Bank should be held responsible for not having secured internet banking. There are several such fraud cases through internet banking with ICICI bank.
I had also reported ICICI customer care on phone & also via website option Report a suspicious e-mail about suspicious mails received in my email account (with icici logo) asking for account information. Still no acknowledgement or action was received from ICICI Bank.

It is nightmare for me after losing the money. I am single earning member of family of six members. I was keeping that money for family maintenance.

I need your Intervention & support to resolve the issue & get back My Hard earned Money at the earliest.


Piyush Sood said...

please provide me with your e-mail ID...