Internet fraud is a type of fraud which makes use of the Internet.
This type of fraud varies greatly and appears in many forms. Internet fraud can occur even if partly based on the use of internet services and is mostly or completely based on use of the internet.
Alongside this, banks have been told to set up a Security Operations Centre and beef up the role of the chief information security officer (CISO) within individual banks.
Besides, the need to leverage the CISO forum under RBI’s Institute for Development and Research in Banking Technology (IDRBT) for exchanging information among banks and generating quick responses to cyber incidents has been stipulated by the central bank.
It is also referred to as information and communications technology law and covers electronic commerce, electronic governance, intellectual property, cybercrimes, telecommunications, data protection and privacy.
In the event of forgetting of User-id and/or password or expiry/ disability of password(s) USER can request for change of the password by sending a written request to the BANK.
User agrees to fully indemnify and hold harmless BANK in respect of the same.
Locking of User ID Internet Banking Password / User ID shall get locked after a number of incorrect attempts, up to such number (at present 3 failed attempts) as may be decided by the Bank from time to time. In case of emergency, the User ID / password can be unlocked through the branch.
Rules and regulations that govern the transactions carried out with the use of computers and internet comprise Cyber Laws.
The selection of a new password and/ or the replacement of User-id shall not be construed as the commencement of a new contract.
The User agrees and acknowledges that BANK shall in no way be held responsible or liable if the User incurs any loss as a result of compromise of User-id and password by the User himself or User has failed to follow the Internet Banking Service instructions as published by the BANK on the site from time to time.
Deactivation of User ID The Bank has the discretion to deactivate a User Internet Banking ID, if the same has not been used for a period defined by the Bank.
Also the Bank has the right to deactivate the Internet Banking login of User due to unsatisfactory behavior in the account.