How To Recover Your Money In Online Fraud

A junior doctor working at a hospital in Delhi faced a concerning issue with his credit card. He received a call claiming to increase his credit limit. But instead, Rs 2 lakh was withdrawn from his account. The doctor reported the incident to the police and filed a formal complaint.

The rising cases of fraud and scams are propelling the Reserve Bank of India (RBI) to take necessary actions to safeguard customers’ funds. If you’ve experienced a similar situation before, it’s crucial to keep yourself updated about the guidelines and regulations set by the RBI.

As per the RBI, if you fall victim to fraud due to information gaps or banking issues such as phone banking, net banking, debit card, credit card, or online payment gateway problems, you can lodge a complaint. Alongside, if money is withdrawn from your account due to a breach by a third party, for which neither you nor the bank is responsible, the lost funds will be refunded.

RBI guidelines state if you’re defrauded, you need to inform the bank in writing within 3 days. Even if you report the fraud within 4 to 7 days, you may still have a chance to recover your money.

How to Share Information?

Delhi Police cyber expert Kislay Choudhary cautions that despite RBI guidelines, banks might postpone refunds. Choudhary recommends understanding the reimbursement process and taking necessary actions.

Step 1

If you encounter online fraud, it’s recommended to submit a written complaint at the nearest police station on the same day. While it’s preferable to have an FIR (First Information Report) registered, if that’s not possible, make sure to file a complaint.

Step 2

Visit your bank on the same day as the fraud or the next day to get a police receipt. Prepare the fraud application at the bank and submit it along with the police receipt.

Step 3

The third step involves sending the soft copies of both documents to RBI’s email ID [email protected], while also including your bank’s email ID in CC. This action must be completed within 3 days.

Who failed to get the funds back?

Kislay stresses that if fraud is reported to the bank the police, or both, after 7 days.

Money lost in Bitcoin, online currency, online games, or betting is usually not recovered.

Even if a transaction was intentional and the individual was negligent after informing the bank.