Debit card security breach: Will banks refund your money?
Over 32 lakh debit cards in India have reportedly been compromised, as a result of a malware-attack.business Updated: Oct 21, 2016 12:13 IST
Over 32 lakh debit cards in India have reportedly been compromised, as a result of a malware-attack. As several banks react to the news of debit cards in India being compromised, here are answers to some frequently asked questions:
Who is responsible for this malware attack that has compromised debit card data?
SBI deputy managing director and chief operating officer Manju Agarwal said, “For a security breach of such nature, in case a customer loses money, bankers say that the banks will take their complaints and look at the nature of the transaction if it was conducted from the bank’s side or the customer’s side. The bank also looks at the proof of a CCTV video at the ATM and whether the transaction is self-operated or done at a different ATM, in which region and then depending on the proof of the error, banks will take a call on refunding the amount to the customer.”
Is there a chance of a refund of the money?
In large cases, if it is proven that the customers are not at fault, the money is refunded. However, in most cases, it is the onus of the customer to prove his innocence and can take some months to get it resolved.
The onus is on the customers to prove that the transaction was not carried out by them. However, it is the responsibility of the banks to establish the authenticity of the complaint and prove customer liability.
The Reserve Bank of India has directed the banks to ensure such complaints are disposed off within 90 working days.
What is the customer’s responsibility?
Customers should ensure that they have set SMS or mail alerts for bank-transactions.
Also, pay heed to notifications from banks to change PIN or for card replacement.