For victims of online scams, the liability may be limited or even zero, as notified by Reserve Bank of India.
During lockdown, instances of cybercrime such as online frauds have significantly risen. Over 2.7 crore adults have been targets of identity theft in the last year alone.
Thieves are stealing money from the accounts of unsuspecting people by extracting their personal and sensitive details. Losing money in such scams is aggravating because there appears to be no alternative. Nevertheless, by following a few simple steps, one can manage to get their money recovered. For the uninformed, online transactions are financial transactions that take place over the internet.
To execute internet frauds, hackers create fake websites that appear to be legitimate. According to bank standards, victims of such thefts are entitled to a complete reimbursement of unauthorized charges. Account holders must immediately notify all parties involved, including the payment processor, bank, and others.
“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” RBI notified.
How can you reclaim money that has been stolen?
Most banks have financial fraud insurance for their customers. Customers must instantly notify their bank if money is lost as a result of illegal money transfer. After notifying the bank, the fraud will be immediately reported to the insurance carrier, limiting the customer's risk.
The bank normally reimburses the loss within 10 business days. Unauthorized transactions are generally compensated by banks and insurance companies. Users must notify their bank within three days of the unlawful transaction. If a consumer fails to notify the bank within three days of the loss, he or she may be liable for a loss worth up to Rs 25,000.
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 "Online fraud Recover stolen money within 10 days: Here's how")
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