Fell Prey To Fraud? Stop Blaming Your Banks
Transferring funds online to a wrong account
With technological advancements, majority of people across the globe is using the internet for transfer of funds to save themselves the pain of standing in queue and waiting for long hours in the crowded banks.
To err is human thus while typing the account number, you might type in one wrong digit and the account number is all changed. In this situation the bank can do only one thing that is to put you in touch with the person to which you transferred the money. Banks check only the account number not the name of the beneficiary.
"The bank does not take any responsibility and shall not be liable for claims for incorrect details or data keyed-in by the customer. Since the bank has already remitted the funds to the beneficiary, the transaction will be considered valid," says an official at a private bank, as reported by Business Standard.
To help you better to save hassle, banks ask you to provide beneficiary details twice and most banks also send SMSes to customers as well.
