The Times of India reported that Canara Bank has been ordered to pay Rs 5.64 lakh to a woman who lost money through cyber fraud. According to the report, the woman's total financial loss amounted to Rs 5.44 lakh following unauthorized transactions connected to a fraudulent phone call. The bank was unable to substantiate its claim that the woman had authorised those transactions. The commission observed that the fact a transaction appears authentic does not, by itself, establish voluntary consent where fraud is involved. Under the order, Canara Bank must reimburse Rs 4.14 lakh and also provide compensation for mental anguish and litigation costs, bringing the total payable to Rs 5.64 lakh.
Source: Times of India.