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Know how to recover money lost in online frauds

New Delhi: Online frauds are surging sharply in the country. As per a report published by security research firm Norton Lifelock, last year around 2.7 crore people became victims of identity theft. Cyber hackers steal personal date such as passwords and loot money from the bank accounts of people via OTP fraud and UPI fraud.

The money lost in the cyber frauds can be recollected by following some simple steps. As per the banking rules in the country, money lost in online frauds must be refunded to the victims by the banks. According to RBI, money lost due to unauthorized electronic transactions, the liability of the victim may be limited, if you notify your bank immediately.’

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For this the victim must immediately inform the payment gateway, bank and others to get the refund from the fraud. The bank will immediately inform the insurance company about the fraud to limit the customer’s liability. The loss is usually compensated by the bank within 10 working days.

For getting the refund the customers must inform the bank about the unauthorized transaction within three days. If a customer fails to do so then he or she can face a loss of up to Rs 25,000.



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