Ever since the pandemic hit the country and people in large numbers started to lose their jobs, cybercrimes or online frauds are on a rise. Moreover, according to an April 2021 report by a security research firm Norton Lifelock, in the last year, there were around 2.7 crore adults in India who were victims of identity theft.
How do online frauds take place?
When hackers get access to the private details of an individual, including passwords and personal information, they easily withdraw money from the concerned person’s bank account. Being a victim of cyber fraud is devastating because any amount of cash can be withdrawn from any part of the country.
Any kind of transaction on a digital platform that is illegal and unauthorised is defined as online fraud, cyber fraud, or digital fraud.
When people face such an issue, then many stay quiet while others cry over it thinking the money will not come back and nothing can be done in such a situation. But one can get the entire amount back if he or she is a victim of online fraud. As per guidelines from the Reserve Bank of India (RBI), victims of any unauthorised transaction can still get a full refund. People who immediately share information regarding any such fraud transactions can help avoid losing money.
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Here’s how you get lost money back?
Many banks in the country have got their customers protected from financial fraud. So, if anyone faces any kind of unauthorised banking transactions, then she or he needs to inform the bank immediately to get the benefit of the insurance. Soon after informing the bank, they will immediately inform the insurance company about the fraud and also limit the customer’s liability.
Within a span of 10 working days, the loss is usually compensated by the bank. Usually, insurance companies and banks compensate the funds lost due to unauthorised transactions. Also, customers need to inform the bank about the unauthorised transaction within three days.