Bank fraud: Your 90% of money can be recovered in just 10 days, here’s how

Digital transactions are rapidly growing in the country and so are digital frauds. And not just that, we also often heard about bank fraud these days. Scammers use various modus operandi to loot the bank accounts of people by posing as a bank official, sending a link or message on phone etc.

However, the good news is that you can get your money back lost in a bank fraud if you take some quick actions.

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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.  

What does RBI say about bank fraud?  

The Reserve Bank of India (RBI) said that even after any unauthorized transaction, customers can get a full refund. The Central Bank said one can avoid losses by giving immediate information about any unauthorized transaction.

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.”

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How to get the money back? 

Most banks have an insurance policy against unauthorized transactions. If you are a victim of bank fraud, raising a complaint on time will compensate for your loss.

For this, the bank provides a small window to customers so that they can 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. 

However, if you inform the bank after 4 to 7 days of the incident, you would have to face a loss of up to Rs 25,000.