If a bank client becomes a victim of an unauthorized transaction due to bank's failure under its requirements, it may order for full restitution or reimbursement of money lost.Blaming client's negligence for one-time password (OTP) security lapses is not a reason.
Covered Transactions :
- 1. An interest or non-interest-bearing deposit, trust, investment, or credit card account;
- 2. Other transaction account maintained with a bank,non-bank, or financial institution;
- E-wallet; and
- Any other account used to avail of financial products or services under the act.