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Question: How to recover lost money through online fraudulent bank transfer or misuse of credit/debit cards under Information Technology Act ? chennailawyers.net courtesy
Answer: 1) Cyber space is no more safe. It is being misused by organized criminals to target credit cards, bank account and other financial instruments for fraudulent transactions. The major forms of online fraud includes, debit/credit card misuse, phishing, auctions, internet access services, work from home plans etc.
2) Nabbing a cyber fraudster who might have committed the offence sitting at a distant location possibly on a foreign shore will be difficult for a common person. So adopt the following steps to recover the lost money through fraudulent bank transfers under IT Act.
3) File an application before the Adjudicating Officer appointed under section 46 of the Information Technology Act 2000 claiming breach of reasonable security procedures by the Bank.
4) Banks usually fail in maintaining including non-compliance of KYC norms, anti-money laundering guidelines and automatic suspicious transaction monitoring facilities.
5) As per Section 43A of the Information Technology Act 2000 the banks and other intermediaries who have failed to maintain reasonable security procedures must pay adequate damages as compensation to such persons to cover the loss.
6) The Adjudicating Officers has the power to adjudicate in the matters where the claim does not exceed INR 5 crores. The Banks must prove that they have maintained reasonable security procedures to prevent such fraudulent acts.
7) In case the Banks fail to prove that they have maintained reasonable security procedure, the Adjudicating Officer who has the powers of a Civil Court, may order the Bank to pay damages as compensation to the victim.
How to File the Complaint to the Adjudicating Officer to recover money ?
a) Application must be made in a specified format.
b) Application must be accompanied by an application fee of Rs. 50 along with the appropriate fee as per the amount of compensation claimed by a Demand Draft drawn in the name of "Adjudicating Officer Information Technology Act" payable at xxxxxx
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Regards,
*Vikas Mishra,*
*M. No. 9975005100*
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