Phishing Frauds--Should banks be made responsible?

That particular judjement may not be applicable to all cases of phishing frauds happening around within the jurisdiction of India, that will for that particular circumstances and facts of the case. So there may be future judjements on other side too, normally penalty or penal consequenses will be awarded against the person by whose negligence such phishing frauds happend. In the case mentioned by Mr.Jain may be due to the negligence of the banker or the agent of the banker the fraud has occured, they might not have implimented adequate security arrangement required to curb such frauds. In the circumstaces where the fraud occures due to the negligence of the customer, the award will defenitly on the other side.

AS HEMANTH KUMAR HAS POINTED OUT,WITHOUT THE KNOWLEDGE OR WITHOUT THE CONNIVANCE OF   AN INSIDER INFORMATION ABOUT BANK CUSTOMERS COULD NOT GO OUT OF THE PREMISES OR SYSTEM.THIS IN TURN GIVES OPPORTUNITIES FOR PEOPLE WITH WRONG MOTIVES TO HUNT FOR THEIR PREY.INDIRECTLY ,KNOWINGLY OR UNKNOWINGLY BANKS ARE DEVELOPING SUCH PEOPLE,HENCE A PREDICAMENT FOR THEIR CUSTOMERS.SO ONLY BANKS SHOULD BE CAUTIONED TO MAINTAIN SECRECY OF INFORMATION ABOUT THEIR CUSTOMERS.

Thanks all for making this debate a meaningful one.

Yes Mr. Sood ICICI is one of biggest banking organization in India & yes their security hasn't been breached in this particular case. But looking further, the amount from the NRI customer has been transferred to a company which withdrew some of the amount from that, leaving rest of the amount in the A/C & that creates questions over the functioning of the bank.

As pointed out here, you have to wait as banks do fortify your identity when you withdraw large sums even from your own saving A/cs. Why there were such smooth transaction allowed for the alleged company? How these fishing monsters get all the secret information pertaining to our A/cs?

We all know (as revealed a time ago) that by making some agents 'green' with a few bucks, one can penetrate the 'ozone layer' to get access to important in formations like cell no, mail ID & even that pertaining to bank a/cs, tax & other details with ease.

I do not have any a/c with ICICI, how these fraudulent guys know this as so far I do not have received such mails?

Something is fishy here & who knows who's next but for whatsoever the reason is, the victim is the loyal customer. shouldn't be banks concerned? Do they consider slightest of their responsibility? I think they should.

Its also interesting that I have referred this debate to many of banking & finance professionals, (with due respect to people came to vote, but most of them are missing) & I am wondering is this their mute consent or the topic is not worth debating?

Thanks again every one here, hope both customers & banks should get more vigilant in time to come.

I believe that banks in this case should be made accountable, atleast partially if not fully. It is great to say that the customer should be more cautious etc., but one big question that begs to be asked is that how did the phisher know that this person is holding a account with icici bank? unless otherwise the banks database security is compromised and inside information is being leaked. Secondly for every transaction why cant the bank put in additional security measures like random questions and call back to the customer mobile if there is transfer of a large amount. For example if there is even slight variation in our cheque signature, even if we are physically present in the bank, the bank staff follow so much rigourous procedures, but when it comes to internet banking, why are the banks trying to cut cost and pass on the full responsibility to the customers? There cant be so fool proof measures, but the big question is banks do not try. When we go below the minimum balance they are prompt to penalise, when we go to the bank for withdrawal they are prompt to divert us to the nearest ATM. All of this to make more money and cut costs. Then it is the paramount duty of the bank to have more additional security features. In fact if you notice the banks do not send out any questionnaire on what security measures would a customer like and try to evovlve a consensus. Banks are responsible and accountable

banks should be aware of this ,,, and must take extreme security measures

As 4 d topic it is a cyber crime which is generally goin on in 2days world so either the bank data may b hacked by som1 or it may b intentionally don. So, for tht d bank should conformed d transaction with d petitioner b4 operating on it as it involved a big fig..

Banks should give alarm to customer whenever big amount is being transferred from any account.When customer is contacted by email ,customer should check genuineness of mail.Simple step will be to click answer button and pass blank email.In 90% of cases reply will come as address do not exist.Banks have huge intelligent manpower who can countercheck such emails.Simply giving instructions to customer does not relieve them off responsibilities.

I think banks should be made responsible for this. This is related to the banks and cyber crime. Banks should develop their technology and make sure that these kind of crimes doesn't happen. It has been more than 300 cyber crimes until now...this is a big number n ofcourse banks should take serious measures to eraditcate these kind of crimes. They show so much of interest and entusiasm to us and call up continuosly to open an account with their bank...but the same way once the account is opened they should also show the same enetusiasm to secure the account and make sure that there are no cyber crimes happening with the account. Losing money from anyone's account will be painful to anyone and will suffer from the loss.

Why not banks upgrade their technology?

Since so many anti phishing technology is there now, the banks must pursue technology upgradation.

Banks should take necessary steps to find out the roots of these frauds.

Banks have all the resources with them and cannot pass the blame on the account holder in case of an Online fraud. They have been passing the buck most of the time in fine print. It's about time they are held responsible.

Personally every one is informed not to disclose any confidential information online as Internet is not 100% safe, specially with personal information being passed on to marketing agencies there is bound to be misuse and no proper law which would act as a deterrent.

Good debate Ujjval thanks for initiating......

Phishing was popular on internet but now it is happening everywhere. Many companies who collect information form the people sell it to other companies for money but they misuse it. And for this issue it is the bank who is responsible for the fraud. People trust the organization and they should recognize it to be successful.

:( 

Person believe on service provider. Service provider means Bank should take its morale responsibility to take care of customer worries.