Canara Bank Ordered to Refund Rs 4.14 Lakh to Fraud Victim

Times of India · business

A Delhi consumer commission has ordered Canara Bank to refund Rs 4.14 lakh to a woman who lost Rs 5.44 lakh to cyber fraudsters in 2024. The bank must also pay Rs 1 lakh in compensation and Rs 50,000 for legal costs. The commission ruled that the bank failed to prove the woman voluntarily authorised the fraudulent transactions, despite her banking credentials being used. The bank could not shift the entire loss onto her, as it did not provide complete technical records showing her negligence or consent.