New Delhi, Feb. 9 -- The Supreme Court on Monday said that banks, as trustees of public money, have a duty to proactively safeguard customers from cyber frauds, particularly those arising out of so-called "digital arrest" scams.
The Court observed that banks must develop mechanisms to alert customers when unusual or large-scale transactions are undertaken, especially when such transactions are inconsistent with a customer's normal banking behaviour.
A Bench comprising Chief Justice of India (CJI) Justice Surya Kant, Justice Joymalya Bagchi and Justice N.V. Anjaria was hearing a suo motu matter concerning the growing menace of digital arrest scams.
The Court noted that when a pensioner or retiree who usually withdraws amounts of Rs10,000 ...