Cyber fraud victims should be immediately compensated by financial institutions: Parliamentary panel

New Delhi: A parliamentary panel has called for immediate compensation to cyber fraud victims by financial institutions, saying this will go a long way in demonstrating steadfast commitment to consumer protection and will push these firm to bolster their security measures. The committee strongly believes that there should be an “automatic compensation system as devised by the RBI and it should be the financial institution’s sole responsibility to immediately compensate the hapless customer, pending further investigation and final traceability of funds”, the Standing Committee on Finance headed by BJP MP Jayant Sinha has recommended in its report.