The Supreme Court on Thursday called for greater accountability from banks in cases of digital fraud, saying victims should be compensated for their losses if an investigation establishes that a financial institution failed to meet its due diligence obligations.
A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V Mohana said compensation should cover at least the amount lost by victims in cases such as digital arrest scams, where lapses by banks are found to have contributed to the fraud.
