Cyber Security – CERTs, Policy, etc

Customers must be doubly vigilant: Security experts

  1. Event: India has been hit by one of its biggest financial security breaches compromising hundreds of thousands of debit cards
  2. Who bears the loss: According to experts, all banks are intermediaries under the Income Tax Act
  3. Under Section 79 of the Act they are mandated to do due diligence
  4. In case banks are negligent in doing this, leading to a loss, it is the banks that will have to bear the brunt of the loss
  5. But a bank may not be liable if it asks the customer to change his or her PIN but the customer chooses to ignore the advice

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