Q. With reference to the RBI Scam Compensation Framework, consider the following statements:
1.The framework extends customer protection beyond unauthorised electronic transactions to cover certain fraudulent electronic banking transactions where the customer was induced or deceived into authorising the payment.
2.Under the framework, compensation is available for all digital fraud losses irrespective of the amount involved.
3.To be eligible for compensation, the fraud must generally be reported within 5 days to the bank and the National Cyber Crime Helpline/Portal.
Which of the statements given above is/are correct?
Answer: A
Notes:
Answer: (a) 1 and 3 only
- Statement 1 is correct: The framework expands customer protection to cover certain fraudulent electronic banking transactions (EBTs) where customers are deceived into authorising payments, in addition to unauthorised transactions.
- Statement 2 is incorrect: Compensation is not available for all digital fraud losses. It is limited to eligible small-value frauds, subject to prescribed conditions and monetary limits.
- Statement 3 is correct: To claim compensation, the fraud must generally be reported within 5 days to both the bank and the National Cyber Crime Helpline/Portal
Source- TH
