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Who is liable for losses from online banking?

The contractual arrangements for liability should provide for sharing of risks between the banking institutions and their customers.

Customers should not be liable for losses that were not caused by them provided they have not acted negligently.

However, you are responsible to keep your login ID and password or PIN confidential and undertake the necessary security measures as advised in "Actions You Should Take to Ensure Security".

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1259
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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