Lost money in cyber fraud? Here’s how you can recover it

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With online frauds rising as the country embraces digital transactions, consumers need to be more conscious about their transactions. However if unfortunately, you become a victim of online financial fraud, there’s a possibility that you can recover your money.

Zero loss

According to the Reserve Bank of India, if you have suffered a loss due to unauthorized electronic transactions, your liability may not only be limited, but also can be zero, if you notify your bank immediately.

Report within 72 hours

If you are a victim of cyber fraud and lost money from your bank account, you will have to complain about the incident to the bank within three days. Anyone can register their complaint online at cyber crime website or the local police.

Refund in 10 days

If you do so, you won’t have to bear any kind of loss and can get a refund within 10 days from the date of reporting. Victims must not keep quiet and absorb the loss. Lodge a complaint with all the relevant information in writing to the bank immediately.

Helpline

To prevent financial loss due to cyber fraud a national helpline 155260 has also been launched. Right now this facility is available just in 7 states Chhattisgarh, Delhi, Madhya Pradesh, Rajasthan, Telangana, Uttarakhand and Uttar Pradesh. It would be extended to other states soon and union territories soon.

According to a report, a total of Rs 615.39 crore was lost in more than 1.17 lakh cases of online banking frauds in India between April 2009 and September 2019.