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Review By IndianMoney On Getting Money Back From Online Fraud

IndianMoney.com Research Team | Posted On Wednesday, November 21,2018, 06:12 PM

3.2 / 5 based on 6 User Reviews

Review By IndianMoney On Getting Money Back From Online Fraud

 

 

No matter how careful you are, there are chances of getting cheated by fraudsters. Many people in India are victims of online fraud. After demonetization, many citizens got included in the formal banking system. As people engage in online banking, (internet and mobile banking), chances of falling prey to online fraud increase.

Can you get money back on being cheated by fraudsters? In the past, banks put the onus on you to prove online banking fraud. RBI has come out with guidelines which state that banks will have to make do the entire loss, if the customer notifies them on the online banking fraud. The aim of this move was to make sure innocent victims who fell prey to fraudsters, would not lose money.

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Review By IndianMoney On Getting Money Back From Online Fraud

Studies have shown that around 25% of customers in India experience online fraud. This means one in four Indians are cheated by online fraud. What is online banking fraud? These are frauds related to credit cards and debit cards where fraudsters get personal and financial details like bank account numbers, card numbers, CVV and even OTP on mobile phone shared by gullible customers.

You have phishing where fraudsters send emails pretending to be from banks and ask you to reveal banking details like internet banking passwords, mobile banking passwords, CVV and credit card numbers. You have vishing where fraudsters cheat customers by making phone calls supposedly from the bank and ask for personal financial details like bank details and credit card numbers over the phone.

Reviews by IndianMoney tell you never to disclose personal banking details, financial details, bank account numbers, credit and debit card numbers, CVV or OTP to anyone over the phone or email even if they are from your bank. This will keep you safe from online fraud. Divulging this information will make you a victim of cheats and scammers.

SEE ALSO:Post Complaints On IndianMoney If You Are Cheated By Mutual Fund 

Types of online banking frauds:

  • Cloning debit and credit cards by fraudsters.
  • Cheating bank customers through phishing and vishing.
  • Identity theft where you are cheated as fraudsters avail personal loan, car loan in your name.
  • Bank accounts are hacked.
  • Credit card details are stolen by hackers.
  • Online fraudsters cheat by stealing CVV and OTP Number.

SEE ALSO:Post your complaints on Indianmoney.com if you are cheated while applying for a personal loan

How to file complaints on online banking fraud?

  • Report online banking fraud immediately to the bank. You could report this to HDFC Bank, SBI, Axis Bank, ICICI Bank, Union Bank of India, Canara Bank or whichever bank you transact.
  • It is the duty of banks to install CCTV in bank premises and ATMs. They also have to notify you via email or SMS on banking transactions vis-à-vis bank accounts and credit and debit card transactions.
  • If you are a victim of online fraud because of the banks fault, file an application with Adjudicating Officer under Section 46 of Information Technology Act, 2000. You have the Section 43A of Information Technology Act, 2000 where banks which do not offer reasonable security at premises or help you enjoy safe banking, will have to make an adequate compensation to victims of online fraud.
  • The onus is on the bank to prove that it has offered safe banking services.
  • If you inform the bank within 3 days of the fraudulent transaction, the bank will refund the entire amount.
  • You will have to bear the losses if the bank is not informed on online fraud within 3 days. This is true even if you are a victim unknowingly.
  • If the mistake is in the system and you have informed the bank within 4-7 days on the online banking fraud, your liability would be the value of online transaction or Rs 10,000, whichever is less.

SEE ALSO:Post Complaints On IndianMoney If You Are Cheated By Insurers

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