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Ever since the pandemic hit the country and people in large numbers started to lose their jobs, cybercrimes or online frauds have been on the rise. Moreover, according to an April 2021 report by a security research firm Norton Lifelock, in the last year, around 2.7 crore adults in India 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 cash can be removed from any part of the country.

Any transaction on a digital platform that is illegal and unauthorized 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 they are a victim of online fraud. As per the Reserve Bank of India (RBI) guidelines, victims of any unauthorized transaction can still get a full refund. People who immediately share information regarding any such fraud transactions can help avoid losing money.

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 unauthorized banking transactions, they need to inform the bank immediately to get the benefit of the insurance. Soon after telling the bank, they will immediately notify the insurance company about the fraud and limit the customer’s liability.

Within ten working days, the loss is usually compensated by the bank. Usually, insurance companies and banks pay the funds lost due to unauthorized transactions. Also, customers need to inform the bank about the unauthorized transaction within three days.

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