During the lockdown, cases of cybercrime such as online fraud increased dramatically. Over 2.7 million adults have been targeted for identity theft in the past year alone.
Thieves steal money from the accounts of unsuspecting people by extracting their personal and sensitive information. Losing money in such scams is aggravating because it seems there is no alternative. Nevertheless, by following a few simple steps, one can succeed in getting his money back. For the uninformed, online transactions are financial transactions that take place over the Internet.
To carry out Internet frauds, hackers create fake websites that appear legitimate. By banking standards, victims of such thefts are entitled to full reimbursement of unauthorized charges. Account holders should immediately notify all parties involved, including the payment processor, bank, and others.
“If you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, but also void if you immediately notify your bank,” RBI notified.
How to recover stolen money?
Most banks have financial fraud insurance for their customers. Customers should instantly notify their bank if money is lost as a result of an illegal money transfer. After notification to the bank, the fraud will be immediately reported to the insurer, limiting the customer’s risk.
The bank normally reimburses the loss within 10 working days. Unauthorized transactions are usually indemnified by banks and insurance companies. Users must notify their bank within three days of the illegal transaction. If a consumer fails to notify the bank within three days of the loss, he or she can be held liable for a loss worth up to Rs 25,000.