Cybercrimes have been on the rise in India. An April 2021 report by a security research firm Norton Lifelock stated that around 2.7 crore adults in the country were victims of identity theft in the last one year.
When hackers get access to private details like passwords and personal information, they may be able to withdraw money from your bank account. Being the victim of a cyber fraud is devastating. When money is stolen from their accounts, victims of such financial frauds tend to stay quiet. There is a sort of shame attached in being the victim of a fraud. Moreover, most people think than nothing can be done in such a situation. However, such people can take a sigh of relief, as you can get the entire amount back if victim of an online fraud.
Understanding digital fraud
Transactions on a digital platform that are unauthorised and illegal are defined as cyber fraud, online fraud or digital fraud.
Victims of any such unauthorised transaction can still get a full refund, as per guidelines from the Reserve Bank of India (RBI). Immediately sharing information regarding any such fraud transactions can help people avoid losing the money by minimizing their liability.
As per 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 back the money stolen online?
All banks have insurance policy in place against any money lost due to an online fraud. When informed about an unauthorised transaction, the bank will convey the details of the fraud directly to the insurance company.
Your loss will be compensated by the bank with the help of money from the insurance. However, such cyber fraud victims have to ensure that they timely inform the bank about losing money. This should be done withing a 3-day period.
Informing the bank about the incident within three days will ensure that you have no liability and get a full refund for the amount stolen. This amount will show up in the person’s account within a period of 10 days after the bank has been informed about the unauthorised transaction inside the stipulated time period.
However, if you are unable to inform the bank within 3 days, you will have to bear some liability as informing about the unauthorised transaction after a period of 4 to 7 days will mean that a loss up to Rs 25,000 will have to be borne by you.
People can also get their money insured directly as several insurance firms are now offering such digital fraud coverage to individuals.
