Cyber fraud drains woman’s bank account; Canara Bank ordered to pay Rs 5.64 lakh

 Canara Bank is mandated to reimburse a woman Rs 4.14 lakh after unauthorized transactions were linked to a fraudulent phone call. The woman’s financial loss totaled Rs 5.44 lakh, but the bank could not substantiate claims of her authorization. The commission highlighted that authentic transactions do not imply voluntary consent in cases of fraud. As a result, the bank must also compensate for mental anguish and litigation costs. Canara Bank is mandated to reimburse a woman Rs 4.14 lakh after unauthorized transactions were linked to a fraudulent phone call. The woman’s financial loss totaled Rs 5.44 lakh, but the bank could not substantiate claims of her authorization. The commission highlighted that authentic transactions do not imply voluntary consent in cases of fraud. As a result, the bank must also compensate for mental anguish and litigation costs.