Going digital made things easy but also increase the risk of cybercrimes as well. Online financial frauds are top on the list of these cybercrimes in India. Around 3000-4000 people became victims of this fraud every year. If you are also one of these victims, then you can recover your lost money in online fraud by following some steps.
Usually, hackers misuse our personal and financial information to hack our bank accounts. They steal crucial data such as OTP and passwords to plan a fraud.
What To Do Immediately When Money Was Deducted?
via: Remitly Blog
If money got deducted from your account, then take action immediately instead of panicking. Inform the bank about fraud as soon as possible and let them investigate the case first. If your account was found illegally theft, then the bank will refund all your lost money.
According to the Reserve Bank of India, If someone became a victim of online fraud then he has to inform the bank about it in three days. If he does that, his lost amount will be returned to his bank account within 10 days.
However, he informs about the fraud after 4-7 days then he will have to bear the loss of up to Rs 25,000.
Also Read: 10 Online Fraud Prevention Tips To Trick Scammers And Protect Your Money
How Will Bank Recover The Online Fraud Money?
via: Lovemoney
Most of the banks got their money insured from financial frauds. So, if any of their customers lost his money due to an unauthorised banking transaction, then the insurance company is liable to pay the money.
But the customer needs to inform the bank immediately, so they can inform the insurance company about the fraud. They both investigate the case and compensate the amount of online fraud.