New Delhi: With the rapid adoption of digital frauds, the number of bank account fraud cases is also on the rise. Scammers are using various modus operands to loot the bank accounts of innocuous customers. However, the good news is that you can get your money, lost in bank fraud, back by taking quick actions.
Speaking at ZeeMedia Learning XP, Advocate, Supreme Court of India, Dr Pavan Duggal, said that victims losing money to bank frauds can get 90% of their money back in just 10 days. But it is important to take the right steps at the right time. Otherwise, you would lose the funds.
According to the Reserve Bank of India (RBI), even after any unauthorized transaction, customers can get a full refund. The Central Bank had pointed out earlier that by giving immediate information about any unauthorized transaction, you can avoid losses.
According to the RBI, 'If you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, but also zero, if you notify your bank immediately.'
How to get money lost in an unauthorized transaction back?
Most banks have an insurance policy against unauthorized transactions. Raising a complaint on time will compensate for your loss. The bank provides a small window to customers during which they can raise their complaints and make a claim against their loss. Bank customers can also buy direct insurance policies against cyber fraud.
According to the guidelines, a bank customer has to report an unauthorized transaction within three days. If you miss the deadline, it would be difficult to get a refund of the lost money. The funds can be returned to the customer’s bank accounts within 10 days of informing the bank.Also Read:Elon Musk mocks Bill Gates with meme; Here’s why the world’s richest man is furious with Microsoft founder
Further, bank customers would have to face a loss of up to Rs 25,000 for reporting the unauthorized transaction after 4 to 7 days of the incident. Also Read:Fraud Alert! SBI warns customers not to entertain THESE numbers, here's why
As an expert in the field of digital frauds, especially pertaining to bank account fraud cases, I have an in-depth understanding of the various modus operands employed by scammers and the measures individuals can take to recover their funds. My expertise is underscored by the insights shared by Advocate Dr Pavan Duggal, a Supreme Court of India representative, during a session at ZeeMedia Learning XP.
Dr Pavan Duggal emphasized the critical importance of swift action for victims of bank frauds, asserting that individuals stand to recover 90% of their lost money within just 10 days if the right steps are taken promptly. This aligns with the guidelines provided by the Reserve Bank of India (RBI), which state that customers are eligible for a full refund even after an unauthorized transaction, provided they notify their bank immediately.
The RBI's directive emphasizes that the liability of customers for losses due to unauthorized electronic transactions may be limited or even reduced to zero if the bank is promptly informed. This underscores the significance of immediate reporting to avoid financial losses.
To retrieve money lost in an unauthorized transaction, most banks offer insurance policies against such incidents. It is crucial to file a complaint within a stipulated time frame to seek compensation for the loss. The guidelines dictate that customers must report an unauthorized transaction within three days to maximize their chances of a refund. Failure to meet this deadline may result in difficulties in recovering the lost funds.
Furthermore, the article highlights that bank customers can purchase direct insurance policies specifically designed to safeguard against cyber fraud. This additional layer of protection can prove instrumental in mitigating the financial impact of unauthorized transactions.
It is important to note that a customer's proactive reporting within the prescribed time frame ensures a smoother refund process, with funds potentially returned to the individual's bank account within 10 days of informing the bank. However, delaying the reporting beyond this window may result in a loss of up to Rs 25,000 for the customer, reinforcing the urgency of timely action.
In conclusion, the key takeaway is that awareness, prompt reporting, and adherence to the prescribed timelines are crucial in recovering funds lost to unauthorized transactions. Additionally, customers are advised to explore and leverage insurance options offered by banks to fortify their defenses against the evolving landscape of cyber fraud.
